§ 6A-3-108 - Payable on demand or at definite time. - Rhode Island Statutes

SECTION 6A-3-108

   § 6A-3-108  Payable on demand or atdefinite time. – (a) A promise or order is "payable on demand" if it (i) states that it ispayable on demand or at sight, or otherwise indicates that it is payable at thewill of the holder, or (ii) does not state any time of payment.

   (b) A promise or order is "payable at a definite time" if itis payable on elapse of a definite period of time after sight or acceptance orat a fixed date or dates or at a time or times readily ascertainable at thetime 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 toa further definite time at the option of the maker or acceptor or automaticallyupon 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 is payable ondemand until the fixed date and, if demand for payment is not made before thatdate, becomes payable at a definite time on the fixed date.