Payable On Demand - Law Dictionary Search Results
Home Dictionary Name: payable on demandPayable on demand
Payable on demand, The words 'payable on demand' in a promissory note mean payable 'at once'. Ajyappankutty v. Mathoo Mathai, AIR 1955 Trav 65 (66). (Travancore Cochin Stamp Act, 1899, Art. 89)The words 'payable on demand' have been given different meaning when applied with reference to 'money lent' and 'money deposited'. In the content of Art. 21, the meaning and effect of these words is 'always payable' or payable from the moment when the loan is made, whereas in the content of Art. 22, 'the meaning is 'payable when actually a demand for payment is made'. The words 'on demand' in law have a special meaning and when an agreement states that an amount is payable on demand. It implies that it is always payable, that is payable forthwith and a demand is not a condition precedent for the amount to become payable. The meaning attached to the expression 'on demand' as 'always payable' or 'payable forthwith without demand' is not one of Universal application. The said meaning is normally app...
Instrument payable on demand
Instrument payable on demand, means a promissory note or bill of exchange in which no time for payment is specified, and a cheque, are payable on demand (Negotiable Instruments Act, 1881, s. 19)....
Bill of exchange payable on demand
Bill of exchange payable on demand, includes--(a) an order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any particular fund which may or may note be available or upon any condition or contingency which may or may not be performed or happen.(b) an order for the payment of any sum of money weekly, monthly, or at any other stated period; and(c)a letter of credit, that is to say, any instrument by which one person authorizes another to give credit to the person in whose favour it is drawn. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (3)]...
Sight, Bills payable at
Sight, Bills payable at, are by s. 10 of the Bills of Exchange Act, 1882, replacing the repealed 34 & 35 Vict. c. 74-prior to which three days' grace was allowed-made equivalent to bills payable on demand....
Cheque
Cheque, defined. [Act (1 of 1879), s. 3; [Negotiable Instruments Act, 1881 (26 of 1881), s. 6:A 'cheque' is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.Explanation 1.--For the purposes of this section, the expression--(a) 'a cheque in the electronic form' means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed in a secure system ensuring the minimum safety standards with the use of digital signature (with or without biometrics signature) and asymmetric crypto system;(b) 'a truncated cheque' means a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing.Means a...
Presetment of Bill of Exchange, Cheque, or Pro-missory Note
Presetment of Bill of Exchange, Cheque, or Pro-missory Note, the presenting of a bill by the holder to the drawee for acceptance, or to the acceptor or an indorser for payment of, a cheque to the banker for payment, and of a note to the maker or indorser for payment.The law on this subject is regulated by the (English) Bills of Exchange Act, 1882, as follows:-Presentment of Bill for Acceptance.--Presentment is necessary if the bill be payable after sight or if it be expressly stipulated for by the bill, or if it be drawn payable elsewhere than at the residence or place of business of the drawee, but in no other case (s. 39). When a bill payable after sight is negotiated, the holder must either present or negotiate it within a reasonable time (s. 40).'The presentment must be made by or on behalf of the holder to the drawee or to some person authorized to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue.' Presentment must be ...
note
note 1 a : a written promise to pay a debt ;specif : promissory note in this entry bank note : a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note [kÄ g-nō-vit-, kōg-] : a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note : a note payable on demand compare time note in this entry floating rate note : a negotiable note that yields an indexed and periodically adjusted variable rate of interest called also floater hand note : a note for an obligation secured by a collateral note non-recourse note : a note whose satisfaction upon default may be obtained only out of the collateral securing it promisso...
Tax payable
Tax payable, means tax payable under this Act on sales or purchase effected by a dealer or casual dealer but does not include tax due as defined in clause (46). [West Bengal Value Added Tax Act, 2003, s. 2(49)]Means the full amount of tax which becomes due when assessed on the basis of the information regarding turnover and taxable turnover furnished or shown in the return, J.K. Synthetices Ltd. v. Commercial Taxes Officer, AIR 1994 SC 2393. (See also Rajasthan Sales Tax Act, 1954, s. 1113)The tax payable is the amount for which a demand notice is issued under s. 156. In determining the tax payable, the tax already paid has to be deducted. Hence, there can be no doubt that the expression 'the amount of the tax, if any, payable by him' referred to in the first part of s. 271(1)(a)(i), refers to the tax payable under a demand notice. Considering the words 'the tax' found in the latter part of that provision. It may be noted that the expression used is not 'tax' but the 'the tax'. The def...
Mahr (dower)
Mahr (dower), Mahr (dower) is neither dowry nor price for marriage: As explained in an old judgment by Justice Syed Mahmood, maher is 'not the exchange or consideration given by the man to the woman, but an effect of the contract imposed by law on the husband as a token of respect for its subject: the Woman'. Giving a correct appraisal of the concept of maher, the Privy Council once described it as 'an essential incident to the status of marriage'. On another occasion it explained that maher was a 'legal responsibility' of the husband. These judicial observations evidence a correct understanding of the Islamic legal concept of maher. Its substitute, a valid retirement, or by death, which by terminating the marriage, puts an end to all the contingencies to which it is exposed; and on the other hand the woman becomes entitled to it as soon as she has surrendered her person. Justice Mahmood has described the nature of mahr in Abdul Kadir Salima. According to him: Dower (mahr), under the M...
Payable
Payable, 'payable' generally means that which should be paid, New Delhi Municipal Committee v. Kalu Ram, AIR 1976 SC 1637 (1639): (1976) 3 SCC 407: (1976) Supp SCR 87.The expression 'the full amount payable by the foreign buyer in respect of the goods' occurring in cl. (b) would mean merely the total amount which is due from the foreign buyer in respect of the goods actually exported; and what would be due from a foreign buyer has to be merely the price which he has been agreed to pay and not any fanciful, unreal or inflated price which the exporter may choose to falsely incorporate in the invoice with any ulterior motives. The foreign buyer cannot, by any stretch of imagination, be held to be liable to pay any amount over and above the price which he has promised to pay for the goods received by him and any difference between that price and the price given in the invoice can therefore not have the attribute of having become 'payable' by him, Director, Enforcement Directorate, Ministry...
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