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A cheque is payable on ________.

  • A cheque is payable on Demand.
  • If a cheque is payable on demand, it means that the recipient of the cheque can present it to the bank and receive the money immediately.
  • The term "on demand" indicates that the funds are available for withdrawal as soon as the cheque is presented to the bank.
  • When a cheque is payable on demand, it is considered a type of negotiable instrument, which means it can be transferred from one person to another by endorsement.
  • This means that the original recipient of the cheque can sign the back of it, effectively transferring ownership to another person or entity, who can then present it to the bank for payment.
  • It's important to note that a cheque that is payable on demand can only be cashed or deposited by the person to whom it is made out.
  • If the cheque is made out to someone else, that person must first endorse the cheque before it can be cashed or deposited.