- demand letter
A letter usually from a lawyer on behalf of a client that makes a demand for payment or some other action which is in default. Under the Bankruptcy and insolvency Act, a financial institution before it takes any action must give demand and notice of intention if it intends to enforce its security and must wait 10 days before it can enforce its security by, say, the appointment of a Receiver or Agent. (Dictionary of Canadian Bankruptcy Terms)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.
Look at other dictionaries:
demand letter — Correspondence from one party to a dispute to the other, stating the drafting party s version of the facts of the dispute and making a claim for compensation or other action to resolve it. Often drafted by an attorney, a demand letter is… … Law dictionary
Demand letter — A demand letter, or LOD, ie. a Letter Of Demand (of payment), is letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients alleged breach of contract … Wikipedia
Demand Letter — A letter sent to a debtor requesting payment. A demand letter is often written by a lawyer in order to ensure professionalism and compliance with law. Generally, a demand letter is not sent until payment is far overdue. A demand letter is often… … Investment dictionary
demand letter — n. (Law) letter draw up by a lawyer declaring a legal claim making a demand for restitution … English contemporary dictionary
demand — de·mand 1 n 1: a formal request or call for something (as payment for a debt) esp. based on a right or made with force a shareholder must first make a demand on the corporation s board of directors to act R. C. Clark a written demand for payment… … Law dictionary
letter of credit — letter of credit: a document issued to a beneficiary at the request of the issuer s customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer s debt compare… … Law dictionary
letter-of-credit right — USA Defined in the UCC as a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance; the term does not include the right of a beneficiary to … Law dictionary
demand guarantee — International A guarantee that imposes a primary obligation on the issuer to pay the beneficiary on its first demand for payment, where the primary obligor fails to perform the contract. The issuer s obligations are not affected by disputes over… … Law dictionary
Demand guarantee — In English writings, traditionally the term “guarantee” denotes an accessory (secondary) or “conditional” type of obligation. The essence of the instrument is the promise to answer for the duty of another should the other default. The beneficiary … Wikipedia
letter of credit — Synonyms and related words: CD, IOU, MO, Pastoral Epistle, acceptance, acceptance bill, aerogram, air letter, airgraph, bank acceptance, bank check, bill, bill of draft, bill of exchange, billet doux, blank check, bull, certificate, certificate… … Moby Thesaurus