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Demand Note |
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Demand Note A loan with no fixed term or set duration of repayment. It can be recalled upon the lenders request, assuming the notice required by the provisions of the loan are met. Notes: A demand note provides flexibility for the borrower, so long as the lender does not wish to call back the loan. Also referred to as a demand loan. |
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It said that a loan requires an ascertainable maturity date--which a demand note has--not a fixed maturity date, and the Tax Court's interpretation would disqualify shareholders from using a common type of commercial loan. ``What we're seeing out in the Valley are individuals who enter the banks with a demand note with instructions on it to the teller that threatens or implies that he has a weapon,'' said Deputy Chief Michel Moore, who heads the Los Angeles Police Department's Valley Bureau. Again, in the case of a demand note, this amount should be relatively close (if not equal) to the note's face amount, as the holder may demand payment at any time. |
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Demand Note
