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LSDefine

Simple English definitions for legal terms

demand note

Read a random definition: specialist

A quick definition of demand note:

A demand note is a type of loan that can be paid back whenever the person who lent the money asks for it. This is different from other loans that have a specific due date or payment schedule. Banks may give demand loans to people they trust, and friends or family may also give them to people they know well. The person who borrowed the money and the person who lent it can sign a contract that says how much was borrowed, if there is any interest, and if the lender needs to give notice before asking for the money back. Sometimes, these contracts are legally binding.

A more thorough explanation:

A demand note is a type of promissory note that can be paid back at any time the holder of the note requests payment. Unlike other types of notes, demand notes do not have a specific due date or repayment schedule.

  • A bank may issue a demand loan to a customer they have a long-standing relationship with and who has good credit.
  • A friend or family member may issue a demand loan to someone they have a close relationship with.

When a demand note is issued, both parties sign a contract that outlines the loan amount, any interest rate, and whether advanced notice is required before requesting full payment of the loan. These contracts are sometimes enforceable under the law, especially when the agreement is between a bank and another party.

The examples illustrate that demand notes can be issued by both banks and individuals, and that they are often used in situations where there is an existing relationship of trust between the parties involved.

demand letter | demise

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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