A Demand Promissory Note is commonly used in the United States when parties need a flexible repayment structure for loans. This document is particularly useful for business loans, family lending, and situations where the repayment timeline needs to remain open-ended. The note must include specific elements to be legally enforceable, including the principal amount, interest rate, and unconditional promise to pay. It's governed by both federal regulations and state-specific laws, particularly the Uniform Commercial Code Article 3.
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1. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount and the name of the payee
2. Principal Amount: Clear statement of the exact amount being borrowed, written in both numbers and words
3. Payment Terms: Specification that payment is due upon demand by the holder of the note
4. Interest Rate: Interest rate, calculation method, and frequency of compounding if applicable
5. Date and Place: Date the note is executed and the location where it was signed
1. Security Interest: Details of any collateral securing the note, including description and terms of the security interest
2. Default Provisions: Terms defining what constitutes default and the consequences thereof, including acceleration of the debt
3. Prepayment Terms: Provisions regarding early payment options, including any penalties or restrictions
4. Waiver of Presentment: Clause waiving formal presentment requirements for demand of payment
5. Attorney Fees: Provisions for recovery of attorney fees and costs in case of collection efforts
1. Schedule A - Collateral Description: Detailed description of any security/collateral provided for the note
2. Schedule B - Payment Schedule: Optional payment schedule if any specific payment arrangements are agreed upon
3. Schedule C - Guaranty Agreement: If applicable, terms of any personal or corporate guaranty of the note
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