19:43
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Simple English definitions for legal terms
demand instrument
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A quick definition of demand instrument:
A demand instrument is a type of payment that can be collected immediately, without waiting for a specific date in the future. This means that the person or organization receiving the payment can get their money right away, as long as they present the demand instrument for payment. It is also sometimes called a demand note.
A more thorough explanation:
Definition: A demand instrument is a type of financial instrument that is payable on demand, at sight, or on presentation. This means that the payment must be made immediately or within a short period of time, rather than at a set future date.
Examples: Examples of demand instruments include demand notes, checks, and bank drafts. For instance, a check is a demand instrument because it can be cashed or deposited immediately upon presentation to the bank. Similarly, a bank draft is a demand instrument because it is payable on demand to the person or entity named as the payee.
Explanation: The examples illustrate the definition of a demand instrument because they are all types of financial instruments that require immediate payment or payment within a short period of time. Unlike other types of financial instruments, such as bonds or promissory notes, demand instruments do not have a set maturity date and are payable on demand.