General Promissory Note for the United Kingdom

General Promissory Note Template for England and Wales

A General Promissory Note under English and Welsh law is a written, signed, and unconditional promise made by one party to pay a definite sum of money to another party, either at a fixed or determinable future time or on demand. The document is governed by the Bills of Exchange Act 1882 and creates a legally binding obligation that can be enforced in courts. It serves as evidence of debt and can be either secured or unsecured, including provisions for interest payments and default consequences.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
General Promissory Note

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a General Promissory Note?

A General Promissory Note is commonly used in England and Wales when one party needs to formalize a promise to pay money to another party. It creates a clear record of debt and payment terms, providing legal protection for both parties. The document typically includes the amount owed, payment schedule, interest rates (if any), and consequences of default. General Promissory Notes are particularly useful in business transactions, private lending arrangements, and installment purchases, offering a straightforward way to document financial obligations while complying with English and Welsh legal requirements.

What sections should be included in a General Promissory Note?

1. Date: Date of execution of the promissory note

2. Parties: Details of maker (promisor) and payee (promisee)

3. Promise to Pay: Unconditional promise to pay a specific sum

4. Payment Amount: Specific sum promised to be paid

5. Payment Terms: When and how payment will be made

6. Signature Block: Space for maker's signature and date of execution

What sections are optional to include in a General Promissory Note?

1. Interest Rate: Terms of interest calculation, rate, and payment frequency if the note bears interest

2. Security Provisions: Details of any collateral or security arrangements securing the note

3. Default Provisions: Consequences of default and remedies available to the payee

4. Prepayment Terms: Conditions and terms for early payment or prepayment of the note

What schedules should be included in a General Promissory Note?

1. Payment Schedule: Detailed schedule of installment payment dates and amounts

2. Security Description Schedule: Detailed description of any security or collateral provided

3. Guarantor Details: Information and details about any guarantors of the 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

Jurisdiction

England and Wales

Publisher

Genie AI

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Industries

Bills of Exchange Act 1882: Primary legislation governing negotiable instruments including promissory notes. Section 83 defines promissory notes and Section 89 specifies validity requirements.

Law of Property (Miscellaneous Provisions) Act 1989: Relevant legislation when the promissory note includes security provisions or is secured against property.

Limitation Act 1980: Sets statutory time limits for enforcing the note, typically 6 years for simple contracts.

Consumer Credit Act 1974: Applicable if the promissory note involves a consumer transaction, requiring specific formalities and disclosures.

Financial Services and Markets Act 2000: Relevant if the promissory note could be classified as a security instrument.

Unfair Contract Terms Act 1977: Governs the fairness of contractual terms, particularly important if one party is a consumer.

Common Law - Consideration: Legal doctrine requiring that something of value must be exchanged for the promise in the note to be legally binding.

Common Law - Contractual Capacity: Legal principle requiring that all parties must have the legal capacity to enter into a contract.

Common Law - Legal Intent: Doctrine requiring that all parties must intend to create legally binding relations.

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

Find the exact document you need

Promissory Note For Vehicle Purchase

A legally binding promise to pay for a vehicle purchase under English and Welsh law, documenting the debt obligation between buyer and seller.

find out more

Time Promissory Note

An England & Wales legal document formalizing a debt obligation with a specific future payment date.

find out more

Straight Promissory Note

An England & Wales legal document formalizing a promise to repay a specified sum under agreed terms.

find out more

Shareholder Promissory Note

An England & Wales legal document formalizing a shareholder's deferred payment or debt obligation to the company.

find out more

Simple Note Payable Agreement

An England & Wales document formalizing a straightforward loan arrangement with essential debt details and legal enforceability.

find out more

Senior Promissory Note

An England & Wales legal document detailing senior debt obligations with priority over junior creditors.

find out more

Recourse Promissory Note

An England & Wales debt instrument ensuring personal liability for payment defaults under the Bills of Exchange Act 1882.

find out more

Promissory Note With Real Estate Mortgage

An England & Wales legal document securing a loan against real property with detailed terms and enforcement rights.

find out more

Promissory Note With Personal Guarantee

An England & Wales legal document securing debt with a promissory note and personal guarantee.

find out more

Promissory Note With Collateral

An England & Wales legal document securing debt with collateral under specific legislative compliance.

find out more

Promissory Note Secured By Personal Property

An England & Wales legal document securing debt with personal property as collateral.

find out more

Promissory Note Secured By A Mortgage

An England & Wales legal document evidencing debt and securing property interest for secured financing arrangements.

find out more

Promissory Note Repayment Schedule

An England & Wales document outlining structured loan repayment terms, including schedules, interest, and default provisions.

find out more

Promissory Note Providing For Interest

An England & Wales legal document formalizing a loan repayment promise with interest between parties.

find out more

Promissory Note Mortgage

An England & Wales legal document securing a loan with property collateral, detailing repayment and default terms.

find out more

Promissory Note Monthly Payments

An England & Wales legal document outlining structured monthly repayments for a loan, detailing obligations and protections.

find out more

Promissory Note Lien On Property

An England & Wales legal document securing a loan with property as collateral and detailing debt obligations.

find out more

Promissory Note Letter

An England & Wales legal document formalizing a promise to pay a specified sum under agreed terms.

find out more

Promissory Note Installment Payments

An England & Wales legal document detailing debt repayment terms through scheduled installments.

find out more

Promissory Note For Property

An England & Wales legal document securing deferred property payment with the property as collateral.

find out more

Promissory Note Cosigner Agreement

An England & Wales legal document ensuring cosigner liability for a primary borrower's loan obligations.

find out more

Promissory Note Convertible To Equity

An England & Wales legal document allowing deferred equity valuation for immediate startup funding.

find out more

Promissory Note Agreement

An England & Wales legal document formalizing a promise to repay a specified sum with outlined terms.

find out more

Promissory Contract Of Purchase And Sale

An England & Wales legal agreement outlining future sale terms and conditions for property or goods transactions.

find out more

Promise To Pay Letter For Rent

An England & Wales legal document outlining a tenant's commitment to repay overdue rent with a structured plan.

find out more

Payable On Demand Promissory Note

An England & Wales legal document acknowledging debt, allowing immediate repayment upon demand by the payee.

find out more

Note Agreement

An England & Wales legal document detailing terms for borrowing through note issuance and compliance with financial regulations.

find out more

Non Recourse Promissory Note

An England & Wales legal document limiting lender recourse to specific assets in project finance transactions.

find out more

Loan Promissory Note

An England & Wales legal document outlining loan terms, repayment schedule, and borrower obligations.

find out more

Loan Note Document

An England & Wales legal document outlining debt terms for corporate financing through alternative lending arrangements.

find out more

Interest Only Balloon Note

An England & Wales legal document outlining interest-only loan terms with a final balloon payment.

find out more

Full Recourse Promissory Note

A formal request document for borrowing funds from a bank in England & Wales, detailing financial information.

find out more

Family Promissory Note

An England & Wales legal document authorizing a third party to handle specific claims on behalf of another.

find out more

Cash Loan Promissory Note

An England & Wales document authorizing specific salary payment arrangements between employers, employees, and financial institutions.

find out more

Borrower Promissory Note

An England & Wales legal document authorizing delegated banking responsibilities under specific conditions.

find out more

Promissory Note Personal Guarantee Language

A legally binding document under English and Welsh law where an individual personally guarantees payment or performance of another party's obligations.

find out more

Payment Plan Promissory Note

A legally binding document under English and Welsh law that establishes structured repayment terms for a debt through scheduled installments.

find out more

Promissory Note For Stock Purchase

A legal document under English and Welsh law evidencing a promise to pay for company shares, combining elements of a promissory note and stock purchase agreement.

find out more

All Inclusive Promissory Note

A comprehensive financial instrument under English and Welsh law combining multiple debt obligations into a single promissory note.

find out more

Private Loan Promissory Note

A legally binding document under English and Welsh law evidencing a debt obligation and containing a borrower's written promise to repay a loan under specified terms.

find out more
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

2 Docs LeftAccess Now