400.3-108. Payable on demand or at definite time. - Missouri Statutes

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, orotherwise 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" ifit is payable on elapse of a definite period of time after sightor acceptance or at a fixed date or dates or at a time or timesreadily 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 afurther definite time at the option of the maker or acceptor orautomatically upon or after a specified act or event.

(c) If an instrument, payable at a fixed date, is alsopayable upon demand made before the fixed date, the instrument ispayable on demand until the fixed date and, if demand for paymentis not made before that date, becomes payable at a definite timeon the fixed date.

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