Status of Parties

Short Description:

The status of the parties in relation to the instrument e.g. Vendor, Purchaser, Borrower, Lender.

Quick Tips:


Q1: There are some types of "Letters" e.g. Consent Letter in which there is no clear identification of the status of parties in the instrument. In such cases, how to enter the status of party in the memorial?
A: In such cases, it is not a must to enter the status of the party except for Letter of Nomination and Letter of Rescission. For memorials of "Letter of Nomination", the status of the party being nominated as "Purchaser" should be entered into the memorial either as "Nominee(s)" or " Purchaser(s)". For memorials of "Letter of Rescission", the status of the parties being Vendor and Purchaser should be stated.