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Bill Of Exchange Payable On Demand

bill payable on demand refers to a bill of exchange, i.e., a written order to a person requiring them to make a specified payment to the signatory or to a named payee, which has to be paid at that moment when the creditor asks for it, after it's signed.

A bill is payable on demand when:

(a) it is expressed to be payable on demand, or at sight, or on presentation; or

(b) in it no time for payment is expressed.

(2) Where it is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any endorser who so endorses it, be deemed a bill payable on demand.

For example, if the creditor presents the bill made on 24th of Jan, 2016 for payment to the debtor on 4th of May, the debtor will have to pay the money on 4th of May else the bill will be dishonored.

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