On Demand

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On Demand

Payable immediately on request.

A note that is payable on demand is one that is to be paid the moment payment is requested by the individual who has legal possession thereof.

Cross-references

Commercial Paper.

on demand

adj. in a promissory note, a requirement that the amount due must be paid when the person to whom the funds are owed demands payment (rather than upon a certain date or on installments). Such a note is called a "demand note." (See: demand note)