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Simple Promissory Note

Simple Promissory Note Template for New Zealand

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Key Requirements PROMPT example:

Simple Promissory Note

"I need a Simple Promissory Note for a $50,000 business loan to be repaid in monthly installments over 24 months starting March 1, 2025, with 5% annual interest and secured against my company's equipment."

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Document background
A Simple Promissory Note is commonly used in New Zealand business and personal transactions to formalize debt obligations. This document is particularly useful when parties wish to document a loan or debt arrangement in a straightforward yet legally binding manner. The note creates a clear record of the obligation to repay, including specific terms such as payment amount, schedule, and any applicable interest. Under New Zealand law, promissory notes must comply with relevant legislation including the Property Law Act 2007 and the Contract and Commercial Law Act 2017. This type of document is frequently used in business loans, personal loans, real estate transactions, and other situations where a formal promise to pay needs to be documented. The Simple Promissory Note provides a more streamlined alternative to complex loan agreements while still maintaining legal enforceability.
Suggested Sections

1. Date: The date of execution of the promissory note

2. Parties: Identification of the maker (promisor) and the payee (promisee) with full legal names and addresses

3. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the principal amount in both numbers and words

4. Payment Terms: Details of when and how the payment(s) will be made, including interest rate if applicable

5. Place of Payment: Specification of where or how payments should be made

6. Default and Acceleration: Consequences of default and whether the note becomes immediately due

7. Governing Law: Statement that the note is governed by New Zealand law

8. Signatures: Execution block for signatures of all parties

Optional Sections

1. Security: Details of any collateral or security provided for the note - include when the note is secured

2. Guarantor Provisions: Terms relating to any guarantors of the note - include when there are third-party guarantors

3. Prepayment Terms: Conditions for early payment of the note - include when early payment is allowed

4. Late Payment Penalties: Specific penalties or additional interest for late payments - include when there are late payment consequences

5. Assignment Rights: Terms regarding the right to assign or transfer the note - include when transfer rights are important

6. Notice Requirements: How and where notices must be given - include for more formal arrangements

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment dates and amounts if multiple payments are involved

2. Security Details: Description of any security or collateral if the note is secured

3. Calculation of Interest: Details of interest calculation method if complex interest arrangements apply

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Financial Services

Banking

Real Estate

Small Business

Construction

Agriculture

Retail

Professional Services

Manufacturing

Private Lending

Relevant Teams

Legal

Finance

Treasury

Credit and Collections

Risk Management

Commercial Operations

Corporate Services

Business Development

Accounting

Loan Operations

Relevant Roles

Chief Financial Officer

Finance Manager

Account Manager

Legal Counsel

Business Development Manager

Credit Manager

Risk Manager

Loan Officer

Treasury Manager

Commercial Manager

Financial Controller

Company Secretary

Business Owner

Financial Advisor

Collections Manager

Industries





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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