Glossary of Bankruptcy

DEMAND LETTER

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 Terms2012.

1. demand letter—Demand Letter translationA letter sent to a debtor requesting payment. A demand letter is often written by a lawyer in order to ensure professionalism and compliance with...Investment dictionary

• DEFICIENCY BALANCE
• DENIAL OF DISCHARGE