Mobil Oil Corp. v. Grantham

Mobil Oil Corporation, plaintiff, brought this action against the defendant, Charles E. (Tim) Grant-ham, doing business as Grantham Oil Company, one of its distributors, in two causes. The first cause was founded upon a “demand” promissory note, allegedly made by the defendant and payable to the plaintiff, dated December 20, 1966, in the principal sum of “($24,000.00) . . . with interest thereon at the rate of six and three-quarters (6-%) percent per annum computed from the date hereof, payable ON DEMAND.” The note also contained the following provision: “PENDING DEMAND, the Promisor hereby…