Demand Promissory Note
From LawDepot Law Library
Definition of "Demand Promissory Note"
A demand promissory note is a simple promissory note (or loan agreement) where the balance owing does not need to be paid until the Lender demands to be repaid. In other words, the loan is repayable 'on demand'. There is no fixed end date for the repayment of the note. Upon demand, the borrower is given a certain period of time to repay the outstanding balance of the note.
