Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.03-107

Section 400.3-108.1

400.03-109→

August 28, 2015

Payable on demand or at definite time.

400.3-108. (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. 1963 p. 503 § 3-108, A.L. 1992 S.B. 448)







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