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.


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)