(1) A promise or order is “payable on demand” if it:
(a) States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or
(b) Does not state any time of payment.
(2) 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 issued, subject to rights of:
(a) Prepayment;
(b) Acceleration;
(c) Extension at the option of the holder; or
(d) Extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event.
(3) 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. [1993 c.545 §11]
Section: Previous 73.0101 73.0102 73.0103 73.0104 73.0105 73.0106 73.0107 73.0108 73.0109 73.0110 73.0111 73.0112 73.0113 73.0114 73.0115 NextLast modified: August 7, 2008