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What's a demand for payment on demand promissory note?

If you lent money under a demand promissory note, the borrower doesn’t need to pay the money back until the lender asks for it in a written notice. That notice is known as a promissory note demand for payment or a demand promissory note collection letter. As a lender, you want to make sure your demand for payment is worded correctly and takes care of any details.

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Here's the info you'll need to have handy to complete your doc:

  • Who it's going to

    Know who this doc is going to and have the individual or business name and contact info ready.

  • Date

    Have the date the original promissory note was issued handy.

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Sample demand for payment on demand promissory note

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RE: Demand for Payment on Demand Promissory Note

Dear :

This letter relates to the promissory note dated , of which you are the maker, in the original principal amount of $ (the "Note"). I amMy company is the current holder of the Note.

In accordance with the Note, Iwe hereby make demand for $, which is the full unpaid balance of the Note together with all accrued interest, to be paid by .

If Iwe do not receive your payment for $ by , Iwe will notify myour attorneys to begin legal proceedings to collect this amount. You will be responsible for all collection costs, including attorneys' fees, court costs, and interest.

If you have any questions regarding your account, please contact at .