Payable On Demand Legal Meaning and Definition

Here is a simplified definition of the legal term Payable On Demand.

Payable On Demand (phrase)

Definition: A legal term used to indicate that a certain amount or obligation is due to be paid immediately when requested by the recipient or payee. This is commonly seen in promissory notes or other financial obligations. Even if a specific date is not mentioned, the payment can be demanded at any time by the person owed the money.