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Promissory Note process – Affidavit (of payer) & Appointment of Fiduciary
From the Promissory Note (PN) Module, how would one complete the following in the Affidavit (of payer) & Appointment of Fiduciary where:
Company L (“Lender”) – provides the finance for loans (e.g. personal loans, home loans)
Company M (“Manager”) – manages Company L’s loans; customers/clients with loans from Lender only ever deal with Manager, company M.
1. Affidavit of payer – Promissory Note (PN) Module
In The Matter Of:
Payment of alleged debts to Commonwealth of Australia by <Name>
Re: Discharge of liability to pay alleged outstanding debts to Commonwealth Bank of Australia ABN 48 123 123 124 for SVR Investment Home Loan Account numbers <no.s 1, 2 and 3> by delivery of “promissory notes” numbered PNJHS270320191035, PNJHS270320191040 and
PNJHS270320191045 respectively.
1.1 In the above, in the line “Payment of alleged debts to Commonwealth of Australia by <Name>”, what is “Commonwealth of Australia” referring to? The bank, or the Commonwealth?
1.2 How would you modify:
“Re: Discharge of liability to pay alleged outstanding debts to Commonwealth Bank of Australia ABN 48…..” to include both Lender and Manager companies as follows:
“Re: Discharge of liability to pay alleged outstanding debts to Company L ABN 55…..for Company M (BN 55 …..) Loan Account numbers <no.s 1, 2 and 3> …..”? Is this correct?
2 Letter of appointment of Fiduciary – Promissory Note (PN) Module
2.1 For Lender, Company L, and Manager, Company M, in above example in 1, would you modify the following statement to include both the Lender’s details and the Manager’s details where there are no property (or other) trusts owned by the payer (maker) from:
“Notice of temporary Appointment As Fiduciary
For <Name> 3 PtyLtd ITF <Name> 3 Property Trust, <Name2> Pty Ltd ATF <Name2> Trust
For the Specific Purpose Of Effecting Account Settlements”
TO
“Notice of temporary Appointment As Fiduciary
For the Specific Purpose Of Effecting Account Settlements”?
i.e. delete the 2nd line as there are no trusts involved?
2.2 In the following, would you change:
“Dear John,
We notice you that we hereby appoint you, John Doe as fiduciary in all matters pertaining to the above Commonwealth Bank of Australia ABN 48 123 123 124 (“the bank”) Investment Home Loan accounts in order to oversee the settlement and closure of all financial obligations of the entities <Name> 3 Pty Ltd ITF <Name> 3 Property Trust, <Name2> Pty Ltd ATF <Name2> Trust” and “Joanne Helen Smith” to the bank.”
TO
“Dear John,
We notice you that we hereby appoint you, John Doe as fiduciary in all matters pertaining to the above Commonwealth Bank of Australia ABN 48 123 123 124 (“the bank”) Investment Home Loan accounts in order to oversee the settlement and closure of all financial obligations of “Joanne Helen Smith” to the bank.”
Is this correct?
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