70A-3-108 - Payable on demand or at definite time. - Utah Statutes

70A-3-108. Payable on demand or at definite time.
(1) A promise or order is "payable on demand" if it states that it is payable on demand orat sight, or otherwise indicates that it is payable at the will of the holder, or does not state anytime of payment.
(2) A promise or order is "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 dates or at a time or timesreadily ascertainable at the time the promise or order is issued, subject to rights of prepayment,acceleration, extension at the option of the holder, or extension to a further definite time at theoption 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 beforethe fixed date, the instrument is payable on demand until the fixed date and, if demand forpayment is not made before that date, becomes payable at a definite time on the fixed date.

Repealed and Re-enacted by Chapter 237, 1993 General Session