No, but the sword onebattlespell-casts Protection of the Sepulchre which somewhat mitigates the effect of Banishment.
The OP seems to assume this spell also protects demons... does it ? I know demons require Undead leadership and share many attributes with undeads (neither eats, neither is affected by Darkness, etc...) but are demons affected by an undead buff ?
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Anything wrong ?
Blame it on me - I'm the French.