Demand Letter: Canada Debt .ca defines Demand Letter

Bankruptcy Term Demand Letter

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Canada Debt has the definition to the bankruptcy and debt term Demand Letter. Finding answers to terms such as Demand Letter can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Demand Letter in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Demand Letter' is used as follows:

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.