Negotiable Instruments Act Section 19 — Instruments payable on demand

Summary

A promissory note or bill of exchange is payable on demand if it does not state a specific time for payment. A cheque is also always payable on demand. In simple terms, this means the money must be paid as soon as it is asked for, without any waiting period.

Official Text

A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.

Related Judgments

• ASHOK YESHWANT BADAVE vs SURENDRA MADHAVRAO NIGHOJAKAR AND ANR — Supreme Court of India (2001)
• AXIS BANK vs PUNJAB NATIONAL BANK & ANR — Delhi High Court (2015)
• Wockhardt Ltd. vs T.A.I. Pharma Ltd — Bombay High Court (Mumbai Principal Seat) (2015)