Demand Note Legal Meaning and Definition

Here is a simplified definition of the legal term Demand Note.

Demand Note (noun)

A demand note is a legal document, specifically a type of promissory note, where an individual or institution owes money to another individual or institution. It is unique because it doesn't have a specific due date or conditions for repayment. Instead, the debtor must pay the full amount whenever the lender requests it. No advance notice is required. This is different from other types of loans or debts which may have scheduled payments or specific prompts for repayment.