Replacement Promissory Note Template for Singapore

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Key Requirements PROMPT example:

Replacement Promissory Note

"Need to draft a Replacement Promissory Note for a lost original note dated January 15, 2025, issued to ABC Trading Pte Ltd for SGD 500,000, with quarterly interest payments and security over company assets."

Document background

A Replacement Promissory Note becomes necessary when an original promissory note is lost, destroyed, or damaged to the extent that it cannot be used. Under Singapore law, this document serves as a legal substitute for the original note, maintaining all payment obligations while protecting the issuer against potential claims on the original instrument. The Replacement Promissory Note must include specific references to the original note, clear indemnification provisions, and comply with the requirements of Singapore's Bills of Exchange Act and related legislation. It's commonly used in financial transactions where the original payment instrument needs to be replaced while maintaining legal enforceability.

Suggested Sections

1. Parties: Identification of maker and payee of the promissory note

2. Background: Details of original note and circumstances requiring replacement, including reference to lost/destroyed original note

3. Definitions: Key terms including 'Original Note', 'Replacement Note', 'Principal Sum', and any other relevant defined terms

4. Promise to Pay: Unconditional promise to pay a specific sum, including payment terms and dates

5. Replacement Declaration: Formal declaration that this note replaces the original and statement voiding the original note

6. Indemnification: Maker's indemnification and protection against any claims made under the original note

Optional Sections

1. Security Provisions: Terms relating to any collateral or security arrangements carried forward from the original note

2. Interest Provisions: Terms for interest calculation and payment schedules, if interest is payable on the principal sum

3. Payment Schedule: Detailed payment terms and installment schedule, if not paid as a single sum

Suggested Schedules

1. Original Note Details: Copy or detailed description of the original note being replaced, including date, parties, and key terms

2. Payment Schedule: Detailed breakdown of payment installments and dates, if applicable

3. Security Details: Description of any security arrangements or collateral carried forward from original note

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

Banking and Finance
Real Estate
Commercial Trading
Investment

Relevant Teams

Finance
Legal
Treasury
Corporate Secretarial
Risk Management

Relevant Roles

Chief Financial Officer
Treasury Manager
Financial Controller
Legal Counsel
Company Secretary

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Authors

Alex Denne

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