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Demand Note

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Dictionary Says

Definition of '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.
Investopedia Says

Investopedia explains 'Demand Note'

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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