Bills of Exchange Act 1882: Primary legislation governing promissory notes in England and Wales. Defines validity requirements and essential elements of promissory notes under Section 83. Sets out mandatory form and content requirements.
Law of Property (Miscellaneous Provisions) Act 1989: Legislation relevant for security interests related to the note and requirements for written form of certain contracts.
Limitation Act 1980: Governs statutory time limits for enforcing promissory notes, generally setting a 6-year limitation period for simple contracts.
Common Law Principles: Essential principles regarding contract formation, consideration, and capacity to contract that must be considered in drafting and executing the note.
Consumer Credit Act 1974: Relevant legislation if the promissory note involves consumer lending or consumer credit arrangements.
Financial Services and Markets Act 2000: Applicable legislation if the note is part of a regulated financial activity or financial services arrangement.
Replacement Note Requirements: Specific considerations for replacement notes including cancellation of original note, clear reference to original note, continuation of security interests, and measures to prevent double payment risk.
