Mr. and Mrs. Hinphy borrowed money from DeRouin and signed a document stating, “I have this day borrowed $ 12,000 from David DeRouin to be paid on demand. (Signed) Mrs. W. Hinphy and W. Hinphy.” More than three years later, DeRouin sued the Hinphys for failing to pay the amount due. The Hinphys claimed that the document was not a note but was only an acknowledgment of indebtedness that was no longer valid because of a three- year statute of limitations. Are the Hinphys correct?
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