§490:3-108  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. [L

1991, c 118, pt of §1]