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Promissory Note process – Appointment of Fiduciary
In the PN Module Letter of appointment of Fiduciary and for the following example,
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.
Would it be correct to modify this Letter where there are no private/property trusts involved or owned by the payer (maker of PN) 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?
Also, in the same Letter of appointment of fiduciary for the same example, since there are no trusts involved, I assume you 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 <Company L name ABN 55 …> (“the Lender”) for <Company M name> Loan accounts (Loan account numbers L1 & L2) in order to oversee the settlement and closure of all financial obligations of “Joanne Helen Smith” to “the Lender” <Company L name>, and to its managing company, <Company M name>.”
Is this correct?
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