The Promissory Note Default Demand Letter is a critical document in Nigerian commercial and financial practice, used when a debtor has failed to honor their payment obligations under a promissory note. This document is essential for initiating formal debt recovery proceedings and must comply with Nigerian legislation, particularly the Bills of Exchange Act and the Recovery of Debts Act. It should be issued promptly after default and include specific details about the original promissory note, the nature of the default, exact amounts owed (including principal, interest, and any penalties), and a clear payment deadline. The letter serves multiple purposes: it formally documents the default, provides the debtor with a final opportunity to pay, and establishes evidence of demand for any subsequent legal proceedings. This document is particularly important in Nigerian jurisdiction as it often serves as a prerequisite for legal action and must be carefully drafted to ensure enforceability.
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1. Sender's Details: Full name, address, and contact information of the creditor or their representative
2. Date: Current date of the demand letter
3. Recipient's Details: Full name and address of the debtor
4. Subject Line: Clear reference to 'DEMAND NOTICE - DEFAULT ON PROMISSORY NOTE' with relevant reference numbers
5. Promissory Note Reference: Details of the original promissory note including date, principal amount, and relevant terms
6. Default Statement: Clear statement of the default, including dates and amounts of missed payments
7. Current Amount Due: Detailed breakdown of the total amount due, including principal, interest, and any applicable penalties
8. Demand for Payment: Formal demand for immediate payment with specific deadline
9. Legal Consequences: Statement of legal actions that may be taken if payment is not received
10. Payment Instructions: Clear instructions on how and where to make the payment
11. Closing: Formal closing, signature block, and contact information for response
1. Previous Communications: Reference to any previous attempts to collect the debt or relevant communications - include when there has been prior correspondence
2. Payment History: Summary of payments made and missed - include when there have been partial payments
3. Settlement Offer: Proposed payment arrangement or settlement terms - include when willing to negotiate terms
4. Collateral Reference: Reference to any security or collateral tied to the promissory note - include when the note is secured
5. Agent Authorization: Statement of authority if sending on behalf of another party - include when letter is sent by a representative
6. Without Prejudice: Legal reservation of rights - include when offering settlement or negotiation terms
1. Schedule A - Original Promissory Note: Copy of the original signed promissory note
2. Schedule B - Payment History Statement: Detailed statement showing all payments made and missed, with dates and amounts
3. Schedule C - Interest Calculation: Detailed breakdown of interest calculations and late payment penalties
4. Schedule D - Previous Correspondence: Copies of relevant previous demand notices or communications regarding the default
Relevant legal definitions
Promissory Note
Maker
Payee
Principal Amount
Default Date
Due Date
Interest Rate
Default Interest Rate
Payment Terms
Maturity Date
Outstanding Balance
Default Amount
Late Payment Penalties
Grace Period
Demand Period
Business Day
Banking Day
Notice
Original Agreement
Security
Collateral
Authorized Representative
Payment Instructions
Cure Period
Maker
Payee
Principal Amount
Default Date
Due Date
Interest Rate
Default Interest Rate
Payment Terms
Maturity Date
Outstanding Balance
Default Amount
Late Payment Penalties
Grace Period
Demand Period
Business Day
Banking Day
Notice
Original Agreement
Security
Collateral
Authorized Representative
Payment Instructions
Cure Period
Clauses
Relevant Industries
Banking & Financial Services
Commercial Lending
Real Estate
Manufacturing
Retail
Construction
Agriculture
General Commerce
Professional Services
Small Business
Relevant Teams
Legal
Finance
Credit Control
Collections
Risk Management
Treasury
Commercial Operations
Corporate Secretariat
Compliance
Relevant Roles
Credit Manager
Financial Controller
Collections Officer
Legal Counsel
Debt Recovery Specialist
Account Manager
Finance Director
Company Secretary
Risk Manager
Treasury Manager
Chief Financial Officer
Commercial Manager
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