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According to the Uniform Commercial Code, which has been enacted in nearly all states, a promise or an order is considered payable on demand under two circumstances.
- David Weedmark
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What is payable on demand?
What is a payable on demand loan?
What does “payable on demand” mean on a promissory note?
Do you have to write 'payable on demand' on a document?
A promissory note without a specified time of payment, according to N. Bank v. Pefferoni Pizza Co., may also be considered payable on demand. The note is payable at the will of the holder because the note is due soon after it is executed and delivered. The exact due date depends on the jurisdiction.
- History and Meaning of Payable on Demand
- Examples of Payable on Demand
- Legal Terms Similar to Payable on Demand
Payable on Demand is a term commonly used in financial and legal contexts. It refers to a type of note, promissory or order that is payable immediately when the payee requests it, or at sight. This means that the individual or entity who owes the money must pay it back immediately upon demand, regardless of whether or not there was a specified dead...
A cash deposit made into a bank account can be considered payable on demand, as the depositor can request to withdraw the money at any time.A promissory note that states "payable on demand" means that the lender can request the loan to be repaid at any time, without providing advance notice.A check written as "payable on demand" means that the recipient can cash it immediately or at any time, without any restrictions.Demand note: It is a type of promissory note that is payable on demand when the lender requests it.Sight draft: A document that orders the payment of funds by a financial institution, payable on demand or at "sight" of the document.Acceleration clause: A provision in a contract or loan that allows a creditor to demand immediate payment of the entire outstanding balance if the debtor fails to keep up with their payments.PAYABLE ON DEMAND OR AT DEFINITE TIME. (a) A promise or order is " payable on demand " if it (i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (ii) does not state any time of payment.
"Payable on demand" is a legal term that refers to a type of payment or debt that can be requested and received at any time, without advance notice. This means the person or organization owed the money can ask for it to be paid back immediately, whenever they need it.
A debt, noted on a promissory note or bill of exchange, which requires payment when requested by the owed party. How to use "payable on demand" in a sentence. The loan was payable on demand, putting pressure on the borrower.
Sep 19, 2022 · A promissory note payable on demand is a way to get repaid when you loan money to someone. It is a document that states the terms of the loan and includes the “payable on demand” notation on it. This means that you can demand full payment of the loan at any time you deem necessary.
