Instruments payable on demand require immediate payment upon presentation for promissory notes or bills without specified time and for cheques. A promissory note or bill of exchange lacking a specified time for payment, and a cheque, are treated as payable on demand, creating an obligation for immediate payment upon presentation and distinguishing these demand instruments from those payable at a future time.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Instruments payable on demand require immediate payment upon presentation for promissory notes or bills without specified time and for cheques.
A promissory note or bill of exchange lacking a specified time for payment, and a cheque, are treated as payable on demand, creating an obligation for immediate payment upon presentation and distinguishing these demand instruments from those payable at a future time.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.