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-Under the [[Limitation Act 1980]] a “'''[[Simple contract]]'''” is one that is neither a “[[specialty]]”<ref>A written document that has been sealed, delivered and given as security for the payment of a specific debt.</ref> nor an [[insurance contract]]<ref>Perhaps not “simple” because of the implied duty of [[utmost good faith]] — who knows?</ref> nor a  “[[contract of loan]]” which has no fixed repayment date, where repayment is not [[Condition precedent|conditional]] on a demand, ''[warning:strap yourselves in for this next bit]''
+Under the [[Limitation Act 1980]] a “'''[[Simple contract]]'''” is one that is neither a “[[specialty]]”<ref>A written document like a [[security deed]] that has been sealed, delivered and given as security for the payment of a specific debt.</ref> nor an [[insurance contract]]<ref>Perhaps not “simple” because of the implied duty of [[utmost good faith]] — who knows?</ref> nor a  “[[contract of loan]]” which has no fixed repayment date, where repayment is not [[Condition precedent|conditional]] on a demand, ''[warning:strap yourselves in for this next bit]''
 {{quote|
 “except where, in connection with taking the loan, the debtor enters into any [[collateral]] obligation to pay the amount of the debt or any part of it (as, for example, by delivering a [[promissory note]] as [[security]] for the [[debt]]) on terms which would exclude the application of this section to the [[contract of loan]] if they applied directly to repayment of the [[debt]].”}}
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 So if the [[promissory note]] itself is a demand loan, but it is pledged as collateral for another debt which isn’t, then it counts as having a payment date. That’s the best I can do. <br>
-===The {{repackprov|covenant to pay}}===
+Note: “repayment on a stated maturity date, conditional upon demand by the creditor”, sounds a lot like the process for redeeming a bond — at least when held in physical, definitive form. Thus, definitive debt securities are ''not'' simple contracts.
-Hence why the {{repackprov|covenant to pay}} in the terms of a secured note issue is also repeated in the [[security trust deed]] — it converts itself from a [[simple contract]] to a [[specialty]]. This is a bity of a cheeky run-around, in our view, but still.
+Whether this is true of electronically cleared debt securities — that is, ahhh — all of them, these days — is a an interesting question, as these are paid out automatically to account holders in [[clearing system]]s.