The promissory note indicated payment “upon demand”. Petitioner relied on this to mean that prescription would not lie unless there is demand from them. The petition was filed fifteen years after its issuance.
Whether or not a promissory note to be paid “upon demand” is immediately due and demandable.
YES. Every obligation whose performance does not depend upon a future or uncertain event, or upon a past event unknown to the parties, is demandable at once (Art. 1179 of the New Civil Code). The obligation being due and demandable in this case, it would appear that the filing of the suit after fifteen years was much too late.