TITLE 6A

Uniform Commercial Code

CHAPTER 6A-3

Negotiable Instruments

PART 6A-3-101

General Provisions And Definitions

SECTION 6A-3-108



   § 6A-3-108  Payable on demand or at

definite time. –

(a) A promise or order is "payable on demand" if it (i) states that it is

payable on demand or at sight, or otherwise indicates that it is payable at the

will of the holder, or (ii) does not state any time of payment.



   (b) A promise or order is "payable at a definite time" if it

is payable on elapse of a definite period of time after sight or acceptance or

at a fixed date or dates or at a time or times readily ascertainable at the

time the promise or order is issued, subject to rights of (i) prepayment, (ii)

acceleration, (iii) extension at the option of the holder, or (iv) extension to

a further definite time at the option of the maker or acceptor or automatically

upon or after a specified act or event.



   (c) If an instrument, payable at a fixed date, is also

payable upon demand made before the fixed date, the instrument is payable on

demand until the fixed date and, if demand for payment is not made before that

date, becomes payable at a definite time on the fixed date.



History of Section.

(P.L. 2000, ch. 238, § 3; P.L. 2000, ch. 421, § 3.)