If you are loaning money to a family member or close friend, you can secure the loan with this Demand Promissory Note template for Canada, under which the balance outstanding is forgiven on the death of lender.
- The indebtedness secured by the Note is to be repaid in monthly payments.
- The Note can be prepaid without penalty.
- If the lender dies before the loan is completely repaid, any balance remaining unpaid at that time is forgiven (written off).
This Canada Demand Promissory Note to be Forgiven on Death of Lender
is available in MS Word format, and can be edited as necessary to include all the specifics of your transaction.