Demand promissory notes
When notes do not include a specific date of maturity, and are due upon the lender’s demand, they are called demand promissory notes. The lender of these notes only gives a few days notice before demanding payment from the borrower.
In Geneva in 1930, the “Convention providing a uniform law for bills of exchange and promissory notes” has been signed. The treaty specified that the word “promissory note” should be inserted in the instrument body and included in the language of the instrument. The sum of money should also be specific and the promise to pay unconditional.