Does the Limitations Act, 2002, change the common law with respect to demand promissory notes?
Ontario, Canada
The following excerpt is from Bank of Nova Scotia v. Williamson, 2009 ONCA 754 (CanLII):
In Hare v. Hare, this court held that the Limitations Act, 2002 does not, nor was it intended to change the common law with respect to the operation of demand promissory notes. The same applies to the common law regarding demand guarantees. As discussed above, a demand is required before anything is owed by a guarantor under a third-party guarantee.
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