Trust Promissory Note Template for Hong Kong

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Key Requirements PROMPT example:

Trust Promissory Note

"I need a Trust Promissory Note for a family wealth transfer arrangement, where a parent will promise to pay HKD 5 million to a trustee by March 2025, with the money to be held in trust for three children who will receive equal shares upon reaching the age of 25."

Document background

A Trust Promissory Note is utilized in Hong Kong when parties wish to combine the security and simplicity of a promissory note with the protection and flexibility of a trust structure. This document is particularly valuable in family wealth planning, business succession, or structured financial transactions where there's a need to separate legal and beneficial ownership of payment rights. The Trust Promissory Note must comply with both Hong Kong's trust laws and negotiable instruments legislation, making it a sophisticated tool for financial planning and wealth management. It typically includes detailed provisions on payment obligations, trust administration, beneficiary rights, and enforcement mechanisms. This instrument is commonly used in situations requiring asset protection, tax efficiency, or complex distribution arrangements.

Suggested Sections

1. Parties: Identification of the Maker (Promisor), Trustee, and Beneficiary/ies

2. Background: Context of the trust creation and the underlying obligation giving rise to the promissory note

3. Definitions: Key terms used throughout the document, including specific trust and financial terms

4. Promise to Pay: Unconditional promise to pay a specific sum, including payment details, interest rate, and maturity date

5. Trust Declaration: Express declaration of trust, specifying the trust property (the promissory note) and beneficial interests

6. Payment Terms: Detailed terms of payment, including installments if applicable, place of payment, and payment method

7. Trust Administration: Trustee's powers, duties, and responsibilities in managing the promissory note

8. Interest Provisions: Interest calculation method, rate, and payment schedule

9. Security: Details of any security or collateral backing the promissory note

10. Events of Default: Circumstances constituting default and consequences thereof

11. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes

Optional Sections

1. Transferability: Terms governing if and how the note can be transferred or assigned, used when the note is intended to be negotiable

2. Trustee Remuneration: Terms for trustee compensation, included when trustee is to be paid for services

3. Co-Trustees Provisions: Provisions governing multiple trustees, included when more than one trustee is appointed

4. Trust Protector: Appointment and powers of a trust protector, used in complex trust arrangements

5. Tax Provisions: Specific tax-related terms and responsibilities, included when tax implications need to be addressed

6. Acceleration Clause: Terms allowing acceleration of payment, included when early payment provisions are desired

7. Prepayment Terms: Conditions for early payment, included when prepayment is to be allowed

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment dates and amounts if installment payments are involved

2. Interest Calculation Schedule: Detailed methodology and examples of interest calculations

3. Security Details: Detailed description of any security or collateral provided

4. Beneficiary Schedule: List of beneficiaries and their respective interests if multiple beneficiaries

5. Trustee Powers: Comprehensive list of specific powers granted to the trustee

6. Form of Transfer: Prescribed form for transferring the note if transferability is allowed

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Banking

Wealth Management

Family Office

Private Banking

Trust Services

Investment Management

Real Estate

Professional Services

Corporate Services

Relevant Teams

Legal

Compliance

Trust Administration

Wealth Management

Private Banking

Risk Management

Financial Control

Corporate Services

Investment

Operations

Relevant Roles

Trust Officer

Private Banker

Wealth Manager

Financial Advisor

Trust Administrator

Legal Counsel

Compliance Officer

Estate Planner

Corporate Trustee

Investment Manager

Family Office Manager

Tax Advisor

Financial Controller

Risk Manager

Trust Operations Manager

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Consent To Release

A Hong Kong law-compliant document authorizing the release and sharing of personal information, governed by the Personal Data (Privacy) Ordinance.

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Authors

Alex Denne

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