Template for promissory note in case of company takeover

Product description: Promissory note when taking over a company

Introduction

Drawing up a proper promissory note when taking over a company is of the utmost importance to ensure that all legal aspects are handled correctly and that both the debtor's and the creditor's rights are protected. Our document template for promissory notes when taking over a company is designed to be easy to use and meets all requirements according to Swedish law. The template can be downloaded immediately after purchase and is delivered in both Word and PDF formats for easy customization.

What is a promissory note?

A promissory note is a legally binding document that acts as a receipt for a debt. It creates security for the creditor (the one who lends money) by formally documenting the debt relationship. The promissory note sets out the terms of the loan, including the amount, interest, repayment schedule and any collateral. There are two main types of promissory notes: simple and current. A simple promissory note is addressed to a specific person and cannot be transferred without consent, while a running promissory note can be transferred to a new creditor.

Contents of Our Template

Our promissory note template is detailed and includes the following sections:

1. Parties

Debtor (borrower) : Name, address, social security number/organization number.

Creditor (lender) : Name, address, social security number/organization number.

2. Amount owed

Stated amount in SEK.

3. Interest

Annual interest, if applicable.

Start date for interest calculation.

4. Refund

Repayment plan (monthly, quarterly, annually, etc.).

Due date for payment.

Method of payment (cash, bank transfer, etc.).

5. Security

Specification of collateral (guarantee, pledge, etc.). If no security is provided, this is indicated.

6. Late payment interest

Late payment interest in case of late payment.

7. Any fees

Setup fee and other fees.

8. Transfer of promissory notes

Specification of whether the debenture is simple or continuous and whether it can be transferred.

9. Dispute resolution

Method for resolving disputes, usually through arbitration according to Swedish law.

10. Applicable Law

The promissory note must be interpreted and applied according to Swedish law (Act 1936:81 on promissory notes).

11. Signatory

Places for signatures of both the debtor and the creditor and recommendation for witnesses.

Important Considerations

Prescription period : According to Swedish law, promissory notes have a prescription period of 10 years. It is important to renew or remind the debt to avoid prescription.

Interest : If the debenture includes interest, the interest rate and terms must be clearly specified.

Denunciation : If a simple promissory note is to be assigned, denunciation is required, which means that the debtor must be informed of the assignment.

Security : Any security for the loan, such as a surety or pledge, must be documented in the promissory note.

Frequently Asked Questions (FAQ)

What is the difference between a simple and a running promissory note?

A simple promissory note is addressed to a specific person and cannot be assigned without the debtor's consent. A current promissory note, on the other hand, can be transferred to a new creditor.

Does a promissory note need to be witnessed?

It is not a legal requirement, but having two witnesses can increase the probative value of the promissory note in the event of a dispute.

How is late payment interest handled?

Late payment interest is charged in case of late payment and must be specified in the promissory note.

What happens if the promissory note is not repaid?

If the debtor does not pay according to the agreement, the creditor can take legal action to get their money back, including seeking payment through the courts.

Can the interest rate be changed?

The interest rate agreed in the promissory note cannot be changed without the consent of both parties.

Summary

Our corporate takeover promissory note document template is a comprehensive solution that covers all the necessary legal aspects to ensure that the loan relationship is settled correctly and legally. By using this template, you can easily create a legally binding promissory note that protects both the debtor and the creditor. The template is delivered immediately after purchase and is available in both Word and PDF formats, making it easy to adapt to specific needs.

Download and Availability

After purchase, the template can be downloaded directly and you will receive it sent to your e-mail. The documents are available for download for 12 months from purchase and can be saved and edited for future use. This ensures that you always have access to an updated and correct template when the need arises.

With our promissory note template, you can be sure that all important details are included and that you meet all legal requirements for an accurate and complete promissory note.