(a) A promise or order is "payable on demand" if it (i) states that it is payable on demand or at sight, or otherwise 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" if it is payable on elapse of a definite period of time after sight or acceptance or at a fixed date or dates or at a time or times readily 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 a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event.
(c) If an instrument, payable at a fixed date, is also payable upon demand made before the fixed date, the instrument is payable on demand until the fixed date and, if demand for payment is not made before that date, becomes payable 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.
Structure Code of Virginia
Title 8.3A - Commercial Code - Negotiable Instruments
§ 8.3A-104. Negotiable instrument
§ 8.3A-105. Issue of instrument
§ 8.3A-106. Unconditional promise or order
§ 8.3A-107. Instrument payable in foreign money
§ 8.3A-108. Payable on demand or at definite time
§ 8.3A-109. Payable to bearer or to order
§ 8.3A-110. Identification of person to whom instrument is payable
§ 8.3A-113. Date of instrument
§ 8.3A-114. Contradictory terms of instrument
§ 8.3A-115. Incomplete instrument
§ 8.3A-116. Joint and several liability; contribution
§ 8.3A-117. Other agreements affecting instrument
§ 8.3A-118. Statute of limitations
§ 8.3A-118.1. Statute of limitations on deposit accounts and certificates of deposit