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English definition of “demand note”

demand note

noun [C]
 
 
FINANCE
( also demand draft) a document promising to pay back a loan when the lender asks for it: The employee borrows directly from a bank on a demand note basis and pays an annual interest rate equal to the prime rate.
a written request for a debt to be paid: The City Council has now set its community charge, and the basic amount payable is shown on the enclosed demand note.
(Definition of demand note from the Cambridge Business English Dictionary © Cambridge University Press)
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