- Commercial paper payable upon demand. 11 Am J2d B & N § 167. The term "payable on demand" imports that the debt evidenced by the note is already due. The obligation is absolute and present; the only element not fixed with certainty is the time of payment; and as that is at the option of the creditor, and the debtor must be prepared eo instante, the time of payment, and with it the statute of limitations, begins to run at once. Cook v Carpenter, 212 Pa 165, 61 A 799.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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