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A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a 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, or for a legal wrong.
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
A specimen demand draft. A demand draft (DD) is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). [1] [2] A demand draft can also be compared to a cheque. However, demand drafts ...
From an economic standpoint, the bank has essentially created economic money (although not legal tender). The customer's checking account balance has no banknotes in it, as a demand deposit account is simply a liability owed by the bank to its customer.
In 1914, the Banking Amendment Act gave legal-tender status to bank notes from any issuer and removed the requirement that banks authorized to issue bank notes must redeem them on demand for gold (the gold standard). In 1933, the Coinage Act authorized a specific New Zealand coinage and removed legal-tender status from British coins.
If you’re owed money by a deceased person, you can make a claim against the estate by submitting a written request for the estate to settle the outstanding debt.
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