Document background
The Promissory Note Settlement Agreement is utilized when parties wish to resolve, modify, or settle obligations arising from an existing promissory note under Irish law. This document becomes necessary when the original parties to a promissory note agree to alter the terms of payment, settle for a different amount, or establish new payment arrangements. It's particularly relevant in situations involving debt restructuring, financial distress, or mutually agreed modifications to original payment terms. The agreement must comply with Irish legislation, including the Bills of Exchange Act 1882, Statute of Limitations 1957, and relevant consumer protection laws. It typically includes details of the original promissory note, acknowledgment of the debt, new settlement terms, payment schedules, and release provisions upon completion of the settlement.
