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Full Recourse Promissory Note

Full Recourse Promissory Note Template for Hong Kong

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Key Requirements PROMPT example:

Full Recourse Promissory Note

"I need a Full Recourse Promissory Note under Hong Kong law for a HKD 5 million corporate loan from ABC Investment Ltd. to XYZ Technology Ltd., with quarterly installment payments starting March 1, 2025, and a 5% annual interest rate."

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Document background
A Full Recourse Promissory Note is a crucial financial instrument used in Hong Kong business transactions where one party commits to paying a specified sum to another. This document is particularly useful in loan transactions, business financing, and commercial arrangements where a formal acknowledgment of debt is required. Under Hong Kong law, specifically the Bills of Exchange Ordinance, the note must contain certain essential elements to be valid and enforceable. The 'full recourse' nature means the lender can pursue all of the borrower's assets to recover the debt in case of default, not just specific collateral. This document is commonly used in both corporate and individual lending scenarios, providing a clear record of debt obligation while offering strong legal protection for the lender under Hong Kong's robust financial legal framework.
Suggested Sections

1. Promise to Pay: Unconditional promise to pay a specific sum of money, including the currency and amount in both numbers and words

2. Interest Rate: Clear specification of the interest rate (if any), how it's calculated, and when it's payable

3. Payment Terms: Due date or dates for payment, including whether it's payable on demand or at a fixed/determinable future time

4. Place of Payment: Specific location or bank account details where payment should be made

5. Maker Details: Full legal name and address of the person/entity making the promise to pay

6. Payee Details: Full legal name and address of the person/entity to whom or to whose order the payment is to be made

7. Date and Execution: Date of issuance and signature block for the maker

Optional Sections

1. Security Provisions: Include when the note is secured by collateral or other assets

2. Default Provisions: Detailed consequences of default, including acceleration of payment and additional fees/charges

3. Prepayment Terms: Include when early payment is allowed, specifying any prepayment penalties or conditions

4. Transfer Rights: Include when specific restrictions or provisions regarding transferability are needed

5. Guarantor Provisions: Include when there is a guarantor for the payment obligation

6. Joint and Several Liability: Include when there are multiple makers of the note

Suggested Schedules

1. Payment Schedule: If payments are to be made in installments, detailed schedule of payment dates and amounts

2. Security Details: If applicable, detailed description of any security or collateral securing the note

3. Interest Calculation Examples: If complex interest calculations apply, examples showing how interest will be calculated

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Commercial Real Estate

Small and Medium Enterprises

Corporate Finance

Investment Management

Private Equity

Manufacturing

Retail

Technology

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit

Risk Management

Compliance

Corporate Secretarial

Investment

Commercial

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Manager

Risk Manager

Company Secretary

Commercial Director

Investment Manager

Loan Officer

Compliance Officer

Financial Controller

Industries
Bills of Exchange Ordinance (Cap. 19): Primary legislation governing negotiable instruments in Hong Kong, including promissory notes. Defines what constitutes a valid promissory note, rights and obligations of parties, and enforcement mechanisms.
Money Lenders Ordinance (Cap. 163): Regulates money lending transactions and provides requirements for loan documentation, especially relevant if the promissory note is related to a loan transaction.
Contract and Rights of Third Parties Ordinance (Cap. 623): Provides the general framework for contract formation, validity, and enforcement in Hong Kong, including principles applicable to promissory notes as contractual instruments.
Limitation Ordinance (Cap. 347): Sets out the time limits within which legal actions can be brought to enforce the promissory note, typically 6 years from the date of default.
Stamp Duty Ordinance (Cap. 117): Establishes stamp duty requirements for certain types of documents, including requirements for promissory notes if they fall within the scope of dutiable instruments.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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