Merrimack River Savings Bank v. Higgins

In the effect of the statute of limitations the promise to pay on demand, as contained in a negotiable instrument, is to pay forthwith. The promise creates a matured obligation as soon as it is given. “Promissory notes payable on demand are, by the import of their terms, payable upon request. But long settled construction, regarding them as evidence that money is due from the promisor to the holder, makes them payable generally as if the note had contained a promise to pay a sum of money to the holder, without anything superadded. It is held that a suit is a sufficient demand, which implies…