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Promissory

This document is a promissory note and deed of assignment between an employee (the Principal Borrower) and their employer (the Company). The employee is borrowing 1,000 Philippine pesos to pay for an insurance plan. They agree to repay the loan through weekly payroll deductions of 100 pesos. As collateral, the employee assigns their salary, wages, and benefits to the Company. If the employee resigns or is terminated before the loan is repaid, the Company can deduct the remaining amount from final pay or the employee must pay the balance within one month. The document was signed and witnessed in the presence of a notary public.

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Diyames Ramos
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379 views1 page

Promissory

This document is a promissory note and deed of assignment between an employee (the Principal Borrower) and their employer (the Company). The employee is borrowing 1,000 Philippine pesos to pay for an insurance plan. They agree to repay the loan through weekly payroll deductions of 100 pesos. As collateral, the employee assigns their salary, wages, and benefits to the Company. If the employee resigns or is terminated before the loan is repaid, the Company can deduct the remaining amount from final pay or the employee must pay the balance within one month. The document was signed and witnessed in the presence of a notary public.

Uploaded by

Diyames Ramos
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
  • Promissory Note and Deed of Assignment: This section covers the legal agreement for a promissory note, outlining the terms of payment, involved parties, and legal acknowledgments, including spaces for signatures and notarization.

NON-NEGOTIABLE PROMISSORY NOTE

WITH DEED OF ASSIGNMENT

KNOW ALL MEN BY THESE PRESENTS:


_________________
(Date)

For the value received for the payment for Phil-Am Life Accident Shield Prime Plan 900, I
__________________________________________ (the “Principal Borrower”), an employee of the Elizabeth
Bakery and Grocery (the “Company”), promise to pay to the company the sum of Philippine PESOS: One
Thousand (PhP 1,000.00) in monthly installments of P 100.00 each payday (weekly) starting on ____________
and thereafter on every corresponding date of the succeeding agreed installment periods.

For the payment of all installments or amounts due and demandable under this Promissory Note, I hereby
assign and transfer an amount equivalent to the said weekly installment the salaries, wages, allowances and other
benefits payable to me from the Company.

In addition, in the case of termination or resignation and that the said loan will be left unpaid due to such
cessation of salary, I do hereby grant the Company, its management, and assign the full power and authority to
deduct the remaining amount from my remaining pays. If the said remaining pay is found to be lacking, I declare
that I am still in debt to the company and promise to pay in any means possible the remaining amount for a
maximum of one month beginning the effectivity of my separation from the company until such debt is settled.

Conforme:

Signature of Borrower over printed name

Signed in the presence of:


_____________________________ _____________________________
Witness Witness
Signature Over Printed Name Signature Over Printed Name

ACKNOWLEDGEMENT
Republic of the Philippines)
______________________)S.S.
x_____________________x

BEFORE ME, a Notary Public, for the City/Province of _____________________, Philippines, on this
day of __________, ________, personally appeared the following persons with their Community Tax Certificate
as hereunder indicated:

Name CTC No. Date/Place Issued


1. __________________________________________________________________________________
2. __________________________________________________________________________________
3. __________________________________________________________________________________

known to me and to me known to be the same persons who executed the foregoing instrument and they
acknowledged to me the same in their voluntary act and deed and that of the entry represented.

WITNESS MY HAND AND SEAL on this _________ day of __________________, ___________ at


_______________________________.

Notary Public

Doc. No. _______________


Page No. _______________
Book No._______________
Series of _______________

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