Demand Note - Law Dictionary Search Results
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demand note see note ...
note
note 1 a : a written promise to pay a debt ;specif : promissory note in this entry bank note : a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note [kÄ g-nō-vit-, kōg-] : a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note : a note payable on demand compare time note in this entry floating rate note : a negotiable note that yields an indexed and periodically adjusted variable rate of interest called also floater hand note : a note for an obligation secured by a collateral note non-recourse note : a note whose satisfaction upon default may be obtained only out of the collateral securing it promisso...
Payable on demand
Payable on demand, The words 'payable on demand' in a promissory note mean payable 'at once'. Ajyappankutty v. Mathoo Mathai, AIR 1955 Trav 65 (66). (Travancore Cochin Stamp Act, 1899, Art. 89)The words 'payable on demand' have been given different meaning when applied with reference to 'money lent' and 'money deposited'. In the content of Art. 21, the meaning and effect of these words is 'always payable' or payable from the moment when the loan is made, whereas in the content of Art. 22, 'the meaning is 'payable when actually a demand for payment is made'. The words 'on demand' in law have a special meaning and when an agreement states that an amount is payable on demand. It implies that it is always payable, that is payable forthwith and a demand is not a condition precedent for the amount to become payable. The meaning attached to the expression 'on demand' as 'always payable' or 'payable forthwith without demand' is not one of Universal application. The said meaning is normally app...
strike
strike struck struck also: strick·en strik·ing vi 1 : to remove or delete something 2 : to stop work in order to force an employer to comply with demands vt 1 : to remove or delete from a legal document and esp. from the record of a trial [it struck that part of [the] injunction "National Law Journal"] 2 : to remove (a prospective juror) from a venire 3 : to engage in a strike against (an employer) n 1 : the removal of a potential juror from a venire compare challenge 2 : a concerted work stoppage, interruption, or slowdown by a body of workers to enforce compliance with demands made on an employer see also rent strike Labor Management Relations Act in the Important Laws section compare job action economic strike : a strike that is brought against an employer because of a dispute regarding economic benefits or conditions (as wages) NOTE: Workers engaged in an economic strike can legally be replaced permanently. No-strike clauses in collective bargaining agreements ...
Instrument payable on demand
Instrument payable on demand, means a promissory note or bill of exchange in which no time for payment is specified, and a cheque, are payable on demand (Negotiable Instruments Act, 1881, s. 19)....
Bank bill
In America and formerly in England a promissory note of a bank payable to the bearer on demand and used as currency a bank note...
Noting
Noting, when a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument, or upon a paper attached thereto, or partly upon each.Such notes must be made within a reasonable time after dishonour, and must specify the date of dishonour, the reason, if any, assigned for such dishonour, or if the instrument has not been expressly dishonoured, the reason why the holder treats it as dishonoured, and the notary's charges. [Negotiable Instruments Act, 1881 (26 of 1881), s. 99]--The making of a memorandum or note on a bill of exchange by a notary which states that he has presented the bill for payment or acceptance, and that it has been dishonoured. It is usual, in cases of non-payment of bills of exchange, for London bankers, after six o'clock on the day upon which the bills fall due, to cause inland bills to be noted. The duty of a notary in protesting a bill consists in thre...
recourse
recourse 1 a : the act of turning to someone or something for assistance esp. in obtaining redress b : a means to a desired end esp. in the nature of a remedy or justice ;also : the end itself 2 : the right or ability to demand payment or compensation ;specif : the right to demand payment from the endorser or drawer of a negotiable instrument see also recourse note at note compare non-recourse NOTE: Under Article 3 of the Uniform Commercial Code, the phrase without recourse on a negotiable instrument limits the liability of the endorser or drawer. If an endorsement states that it is made without recourse, the endorser is not liable to pay, subject to various conditions, if the instrument is dishonored. Similarly, if a draft states that it is drawn without recourse, the drawer is not liable to pay, subject to various conditions, if the draft is dishonored, provided that it is not a check. ...
Bill of exchange payable on demand
Bill of exchange payable on demand, includes--(a) an order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any particular fund which may or may note be available or upon any condition or contingency which may or may not be performed or happen.(b) an order for the payment of any sum of money weekly, monthly, or at any other stated period; and(c)a letter of credit, that is to say, any instrument by which one person authorizes another to give credit to the person in whose favour it is drawn. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (3)]...
On demand
On demand, the expression on 'demand' in a promissory note means payable immediately or forthwith, AIR 1966 AP 215 (217); see also AIR 1961 Mad 347 (348). [Hyderabad Stamp Act, (4 of 1331 F), s. 2(18)]...
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