8.3A-108 - A-108. Payable on demand or at definite time. - Virginia Statutes

§ 8.3A-108. Payable on demand or at definite 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 atthe will of the holder, or (ii) does not state any time of payment.

(b) A promise or order is "payable at a definite time" if it is payable onelapse of a definite period of time after sight or acceptance or at a fixeddate or dates or at a time or times readily ascertainable at the time thepromise or order is issued, subject to rights of (i) prepayment, (ii)acceleration, (iii) extension at the option of the holder, or (iv) extensionto a further 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 also payable upon demandmade before the fixed date, the instrument is payable on demand until thefixed date and, if demand for payment is not made before that date, becomespayable at a definite time on the fixed date.

(Code 1950, §§ 6-356, 6-359; 1964, c. 219, §§ 8.3-108, 8.3-109; 1992, c. 693.)