Was the note a demand note

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Reference no: EM131471884

Question: Miller Furs, Inc. executed a note that stated it "promised to pay, on demand" to the Shawmut Bank an amount not more than $1 million. The note also specified that upon the occurrence of certain events the bank could decide that the note "shall become and be due and payable forthwith without demand, notice of nonpayment, presentment. " Two years later Shawmut demanded payment of the note. In the lawsuit that followed, Miller argued that the note was not a demand note due and payable when issued, and the bank could only demand payment in good faith. Was the note a demand note?

Reference no: EM131471884

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