The Promissory Note With Personal Guarantee is a crucial financial instrument used in the Philippines when a lender requires additional security beyond the primary debtor's promise to pay. This document type is particularly useful in situations where the creditor needs extra assurance of repayment, such as in business loans, personal lending, or installment purchases. The document combines two distinct legal concepts under Philippine law: a promissory note (governed by the Negotiable Instruments Law) and a personal guarantee (governed by the Civil Code's provisions on guaranty). It includes specific details about the debt obligation, including principal amount, interest rates, payment terms, and default provisions, while also incorporating guarantee provisions that make a third party liable for the debt if the primary debtor defaults. This document type is commonly used by banks, financial institutions, and private lenders in the Philippines, and must comply with local usury laws and banking regulations.
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1. Principal Obligation Details: Specifies the amount of the loan, the maker's promise to pay, and identifies the payee
2. Payment Terms: Details of when and how payments will be made, including maturity date and any installment provisions
3. Interest Rate: Clearly states the interest rate, how it's calculated, and when interest is payable
4. Default Provisions: Specifies what constitutes default and the consequences of default
5. Personal Guarantee: The guarantee statement, confirming the guarantor's unconditional promise to pay upon default of the maker
6. Execution Block: Signature blocks for the maker and guarantor, with appropriate witnessing provisions
1. Prepayment Provisions: Include when early payment is to be allowed, specifying any penalties or conditions
2. Security Provisions: Include when the note is secured by specific assets or collateral
3. Attorney's Fees: Include when the parties agree that the maker/guarantor will pay legal fees in case of enforcement
4. Waiver of Presentment: Include when formal presentment requirements are to be waived
5. Multiple Guarantors Provisions: Include when there are multiple guarantors, specifying joint and several liability
1. Payment Schedule: If installment payments are involved, details the payment dates and amounts
2. Guarantor's Statement of Assets: Optional attachment showing the guarantor's financial capacity
3. Specimen Signatures: When required by the parties, contains verified signatures of all signatories
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