§ 25-3-108. Payable on demand or at definite time. - North Carolina Statutes

§25‑3‑108.  Payable on demand or at definite time.

(a)        A promise or orderis "payable on demand" if it (i) states that it is payable on demandor at sight, or otherwise indicates that it is payable at the will of theholder, or (ii) does not state any time of payment.

(b)        A promise or orderis "payable at a definite time" if it is payable on elapse of adefinite period of time after sight or acceptance or at a fixed date or datesor at a time or times readily ascertainable at the time the promise or order isissued, subject to rights of (i) prepayment, (ii) acceleration, (iii) extensionat the option of the holder, or (iv) extension to a further definite time atthe option of the maker or acceptor or automatically upon or after a specifiedact or event.

(c)        If an instrument,payable at a fixed date, is also payable upon demand made before the fixeddate, the instrument is payable on demand until the fixed date and, if demandfor payment is not made before that date, becomes payable at a definite time onthe fixed date. (1899, c. 733, ss. 4, 7; Rev., ss. 2156, 2157; C.S.,ss. 2985, 2988; 1923, c. 72; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)