diff --git a/ch12.asciidoc b/ch12.asciidoc
index d6b5d72e5..517eab2c6 100644
--- a/ch12.asciidoc
+++ b/ch12.asciidoc
@@ -434,7 +434,7 @@ IF
 ELSE
     # Refund after timeout.
     <locktime> CHECKLOCKTIMEVERIFY DROP
-    <Payee Public Key> CHECKSIG
+    <Payer Public Key> CHECKSIG
 ENDIF
 ----