demand note
- A type of promissory note that must be paid back whenever the holder requests payment, rather than at a fixed or specific time
- After borrowing money from a friend, Sarah issued a demand note as a promise to return the funds whenever her friend wanted them back.
- John was given a demand note when he started his new business and had to repay the loan whenever the lender required it.
- With a demand note at hand, the lender had the flexibility to ask for repayment at any given time.
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