Registered Promissory Note for the United Kingdom

Registered Promissory Note Template for England and Wales

A Registered Promissory Note is a formal financial instrument under English and Welsh law that contains a written, signed, and unconditional promise to pay a specified sum to a named recipient. The 'registered' status provides additional security and formal recognition through official registration, typically with Companies House or relevant authorities. It is governed by the Bills of Exchange Act 1882 and must meet specific legal requirements to be valid and enforceable.

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What is a Registered Promissory Note?

A Registered Promissory Note serves as a legally binding financial instrument commonly used in England and Wales for documenting debt obligations. It provides a formal structure for recording monetary promises and offers enhanced security through official registration. The document must comply with the Bills of Exchange Act 1882 and includes essential elements such as the promise to pay, payment terms, parties' details, and registration information. Registered Promissory Notes are particularly useful in commercial transactions, property dealings, and formal lending arrangements where additional security and official recognition are desired.

What sections should be included in a Registered Promissory Note?

1. Note Details: Date, place of execution, and unique identification number

2. Maker Information: Full legal name and address of the person/entity making the promise

3. Payee Information: Full legal name and address of the person/entity to whom payment is promised

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

5. Payment Terms: Amount, currency, interest rate, payment schedule

6. Signature Block: Maker's signature and witness details

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

1. Security Provisions: Details of any collateral or security, used when note is secured

2. Default Provisions: Consequences of default, used in complex commercial notes

3. Transfer Rights: Terms for negotiability, used when note is intended to be transferable

4. Prepayment Terms: Conditions for early repayment, used when early repayment is allowed

What schedules should be included in a Registered Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Security Details: Description of any collateral or security arrangements

3. Corporate Authorizations: Required when maker is a corporate entity

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 in the UK, defining promissory notes, their requirements, and rules for negotiability and transfer

Law of Property Act 1925: Legislation relevant for security interests if the note is secured and sets out important registration requirements

Consumer Credit Act 1974: Applicable if the promissory note involves a consumer transaction, providing protection for consumer debtors

Companies Act 2006: Governs registration requirements at Companies House when corporate entities are involved in the promissory note

Common Law Contract Principles: Fundamental principles including offer, acceptance, consideration, and contract formation that apply to promissory notes

Stamp Act 1891: Legislation governing stamp duty requirements on written instruments including promissory notes

Finance Acts: Various Finance Acts that regulate duty payments on financial instruments and their registration

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

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