Joint And Several Promissory Note Template for Hong Kong

A Joint and Several Promissory Note is commonly used in Hong Kong when multiple parties need to borrow money from a lender, whether in a business or personal context. This document is particularly useful in situations where lenders require additional security through multiple borrowers, each of whom becomes fully responsible for the entire debt. The note must comply with the Hong Kong Bills of Exchange Ordinance (Cap. 19) and related financial regulations. It typically includes the principal amount, interest rate, payment terms, and clear identification of all parties involved. The joint and several nature of the obligation means the lender can pursue any one of the makers for the full amount, providing additional security for the debt. This document type is frequently used in business loans, family lending arrangements, and other situations where multiple parties share responsibility for a debt obligation.

1. Date and Place of Execution: Clear statement of when and where the promissory note is executed

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

3. Maker Details: Full names and addresses of all makers (promisors) of the note

4. Payee Details: Full name and address of the payee to whom or to whose order the payment is to be made

5. Payment Terms: Specific details about when payment is due, whether it's on demand or at a fixed/determinable future time

6. Joint and Several Liability Statement: Clear statement that makers are jointly and severally liable for the full amount

7. Interest Rate: Statement of any applicable interest rate and how it is calculated

8. Signature Block: Space for all makers to sign, with their names clearly printed below