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    rvmprvmp's Avatar
    rvmprvmp Posts: 1, Reputation: 1
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    #1

    Mar 28, 2012, 10:13 PM
    Questions and answers on promissory note?
    A promisory note was made without mentioning any time for payment . The holder added the words on demand on the face of the instrument .state whether it amounted to material alteration
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Mar 29, 2012, 02:19 AM
    'On Demand' is the time off payment. The issuer can demand payment anytime anywhere. Cannot be altered, payee by signing has agreed to those terms.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Mar 29, 2012, 03:23 AM
    Yes it is a material alteration and invalid unless the borrower initialed it.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Mar 29, 2012, 07:40 AM
    Quote Originally Posted by rvmprvmp View Post
    ... .state whether it amounted to material alteration
    Is this homework? :)

    Quote Originally Posted by ScottGem View Post
    Yes it is a material alteration and invalid unless the borrower initialed it.
    If no terms of payment were mentioned at first, it is a demand note anyway. So the notation "on demand" was redundant. I don't think this redundant notation invalidates the note.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #5

    Mar 29, 2012, 01:52 PM
    I think any promissory note without terms is a demand note - payable upon demand.
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