Section 19Definitional
Instruments payable on demand
Full Text
Instruments payable on demand.—A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.
Plain English Summary
Specifies that promissory notes or bills of exchange with no indicated payment time, along with all cheques, are payable on demand.
Key Legal Elements
- Applies to promissory notes and bills of exchange where no payment time is specified
- Applies to all cheques
- Such instruments are payable on demand
Practical Note
Crucial for calculating limitation periods and presentation times. For demand instruments, the liability arises immediately upon execution or presentation without grace days.
हिंदी पाठ
मांग पर देय लिखत।—ऐसा वचन-पत्र या विनिमय-पत्र, जिसमें भुगतान के लिए कोई समय विनिर्दिष्ट नहीं है, और चेक, मांग पर देय होते हैं।