term:

Demand

demand n

1 : a formal request or call for something (as payment for a debt) esp. based on a right or made with force [a shareholder must first make a on the corporation's board of directors to act "R. C. Clark"] [a written for payment]
2 : something demanded [any s against the estate] see also claim

on demand
: upon presentation and request for payment

vt : to ask or call for with force, authority, or by legal right
: claim as due [any party may a trial by jury of any issue triable of right by a jury "Federal Rules of Civil Procedure Rule 38(b)"]
de·mand·able adj

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.