Contracts — limitations on demand notes

Posted June 29, 2020 9:35 AM

Where the plaintiff executes a promissory note payable on demand with an indefinite due date, the plaintiff’s cause of action for that note accrues upon execution and the 10-year limitation begins to toll immediately.The 1st District Appellate Court affirmed the decision of Cook County Circuit Judge Karen L. O’Malley.On June 14, 1988, Thomas John Heck Jr. executed a note in favor of Paul D. Heck. The note promised to pay $51,000 at 7% interest, compounded annually, with the instruction that “Borrower shall make a single …

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