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What is a Promissory Note Due on Demand?

A Promissory Note Due on Demand is a legal document that enables a lender to loan money and request repayment on demand. This loan agreement differs from a standard Promissory Note because it is payable "on demand." In other words, repayment is due immediately on the lender's request. With this Promissory Note, you will be able to define the terms concerning early payment as well as interest rates. Please be aware that most states regulate the amount of interest a lender may charge, so you may want to ask a lawyer about the laws regarding interest rates where you live.

When to use a Promissory Note Due on Demand:

  • You are making a loan to someone.
  • You are borrowing money from a private party.
  • You wish to prepare an amortization table.
  • You want to determine the amount of a monthly payment on a loan.

Sample Promissory Note Due on Demand

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DUE ON DEMAND PROMISSORY NOTE

 

 

 

Date:

 

For value received, the undersigned (the "Borrower"), at , , , promises and (collectively, the "Borrower"), at , , , each as principal, jointly and severally, promise to pay to the order of (the "Lender"), at , , and (collectively, the "Lender"), at , , (or at such other place as the Lender may designate in writing), the sum of with

 

. TERMS OF REPAYMENT

 

. Payments. The unpaid principal and accrued interest shall be payable in full on any future date on which the Lender demands repayment (the "Due Date").

 

. Application of Payments. All payments on this Note shall be applied first in payment of accrued interest and any remainder in payment of principal.

personal property real estate in The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Due Date with no prepayment penalty.The Borrower reserves the right to prepay this Note by making payment in full of the then remaining unpaid principal and accrued interest.

 

. COLLECTION COSTS

 

If any payment obligation under this Note is not paid when due, the Borrower promises to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.

 

. DEFAULT

 

If any of the following events of default occur, this Note and any other obligations of the Borrower to the Lender, shall become due immediately, without demand or notice:

 

1) the failure of the Borrower to pay the principal and any accrued interest when due;

 

2) the liquidation, dissolution, incompetency or the death of the Borrower or Lender;

 

3) the filing of bankruptcy proceedings involving the Borrower as a debtor;

 

4) the application for the appointment of a receiver for the Borrower;

 

5) the making of a general assignment for the benefit of the Borrower's creditors;

 

6) the insolvency of the Borrower;

 

7) a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit.

 

8) the sale of a material portion of the business or assets of the Borrower.

assets pledged as security real estate pledged as collateral

 

. SEVERABILITY OF PROVISIONS

 

If any one or more of the provisions of this Note are determined to be unenforceable, in whole or in part, for any reason, the remaining provisions shall remain fully operative.

 

. MISCELLANEOUS

 

All payments of principal and interest on this Note shall be paid in the legal currency of the United States. The Borrower waives presentment for payment, protest, and notice of protest and demand of this Note.

 

No delay in enforcing any right of the Lender under this Note, or assignment by Lender of this Note, or failure to accelerate the debt evidenced hereby by reason of default in the payment of a monthly installment or the acceptance of a past-due installment shall be construed as a waiver of the right of Lender to thereafter insist upon strict compliance with the terms of this Note without notice being given to Borrower. All rights of the Lender under this Note are cumulative and may be exercised concurrently or consecutively at the Lender's option.

 

This note may not be amended without the written approval of the holder.

 

. GOVERNING LAW

 

This Note shall be construed in accordance with the laws of the

 

. SIGNATURES

 

This Note shall be signed by and and by . , on behalf of

 

IN WITNESS WHEREOF, this Agreement has been executed and delivered in the manner prescribed by law as of the date first written above.

 

 

Borrower:

 

 

By: Date:

 

 

Lender:

 

 

By: Date:

 

 

 

 

 

Dated: _________________________

 

 

By:____________________________________________________

 

The is secured by collateral pledged by . Therefore, a Security Agreement should be signed by the parties in addition to the .

 

and fail fails or and and

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Promissory Note Due on Demand FAQs

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  • How do I make a Promissory Note payment?

    It's fast and easy to get what you need with a free Promissory Note Due on Demand template from Rocket Lawyer:

    1. Make the document - Provide a few general details and we will do the rest
    2. Send or share - Look over the document with an attorney, if needed
    3. Sign it - Sign your Promissory Note online and make it legal

    This method will often be much less expensive than hiring and working with your average law firm. When you're ready to start the process, tap or click the button that says "Make document," and your document will be built section by section.

  • Do I need to hire a lawyer to review my Promissory Note Due on Demand?

    Making a Promissory Note Due on Demand is normally simple to do; however, you could still need advice. Getting a legal professional to provide feedback on your document may take a lot of time if you try to do it on your own. An alternate approach might be via Rocket Lawyer attorney services. Premium members can request a document review from an experienced lawyer or pose additional legal questions. As always, you can Live Confidently® with Rocket Lawyer by your side.

  • How much might it typically cost for a lawyer to help me make a Promissory Note Due on Demand?

    The cost of hiring and working with the average lawyer to produce a Promissory Note Due on Demand can total anywhere from two hundred to one thousand dollars, depending on where you are and how complex it may be. When using Rocket Lawyer, you are not just filling out a Loan Agreement template. If you ever require help from a lawyer, your membership provides up to 40% in savings when you hire an attorney from our network.

  • Will I have to do anything else once I write my Promissory Note Due on Demand?

    When you have completed this customized Promissory Note using Rocket Lawyer, you will be able to open it anytime, anywhere. You also may try any or all of the following actions related to your document: editing it, saving it as a PDF document or Word file, printing it out, and/or signing it with RocketSign®. Alongside your Promissory Note Form, there's also a set of tips to follow while finalizing your document.

  • Does a Promissory Note Form need to be notarized or witnessed?

    Witnesses and notarization are not required for your Promissory Note Form.

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