What is an on demand mortgage?

A demand loan is a loan that a lender can require to be repaid in full at any time. This condition is understood by the lender and the borrower from the outset. The arrangement has advantages for both parties.

What is an on demand facility?

‘Demand Facility’ means a facility which consumes electrical energy and is connected at one or more connection points to the transmission or distribution system.

What is due demand?

A Promissory Note Due on Demand is a legal document that enables a lender to loan money and request repayment on demand. This loan agreement differs from a standard Promissory Note because it is payable “on demand.” In other words, repayment is due immediately on the lender’s request.

What is the difference between overdraft and demand loan?

These are both different options. Overdraft is a financial feature that is provided to customers who keep a bank account with a specific bank or lender whereas in a demand loan no such bank account requirement is there.

Can a bank demand full mortgage repayment?

In a mortgage contract, an “acceleration clause” is a provision that permits the lender to demand that the borrower repay the entire loan after a default. An “acceleration clause” in a mortgage or deed of trust allows the lender, or current loan holder, to demand repayment in full if the borrower defaults on the loan.

What is demand for repayment?

As the name suggests, demand loan is the type of loan in which the lender can demand to be repaid at any time. This agreement is clear for both the borrower as well as the lender at the time of processing.

What is demand debt?

A demand note is a loan with no fixed term or repayment schedule. It can be recalled upon the lender’s request, assuming the notice required by the provisions of the loan are met. Given its relative informality, a demand loan (or note) is most common among family, friends, and close business associates.

Is a mortgage repayable on demand?

The Court of Appeal has held that a lender was entitled to demand immediate repayment where the loan agreement provided that the loan was repayable on demand.

What is credit trading?

What Is Trade Credit? Trade credit is a business-to-business (B2B) agreement in which a customer can purchase goods without paying cash up front, and paying the supplier at a later scheduled date.

What is demand payable?

Although it may appear on different types of documents, the term “payable on demand” almost always is associated with promissory notes. As the words imply, the term means a debt must be paid when the payee asks for it. Any note without a specified time of payment is considered payable on demand.

What is always payable on demand?

A cheque is always payable on demand. A cheque’s payment is always in cash. This cash amount is to be paid to the person mentioned there in, or order, or the bearer.

What is the meaning of repayable on demand?

The mere words ‘repayable on demand’ is insufficient to stop time running. In the case of a loan repayable on demand, the liability to repay arises without demand. The debt is due and payable immediately and thus the cause of action therefore arises immediately upon the loan of the money. Why is the word ‘repayable on demand’ not enough?

What is the meaning of payable on demand?

Although it may appear on different types of documents, the term “payable on demand” almost always is associated with promissory notes. As the words imply, the term means a debt must be paid when the payee asks for it. The term “payable on demand” does not necessarily have to be written on the document.

What is a payable on Demand promissory note?

When a payable on demand promissory note is given in exchange for a loan, this often is called an open-ended loan. This can benefit both parties. For the borrower, the note may mean that the loan and any interest is not expected to be paid until it is financially feasible.

Is the obligation to repay on demand implied at law?

There is no time for repayment specified (and so the obligation to repay on demand is implied at law); or The parties actually express the obligation to repay on demand or request (I.e. It is an express term).