Colorado Code
Part 1 - General Provisions and Definitions
§ 4-3-108. Payable on Demand or at Definite Time

Source: L. 94: Entire article R&RE, p. 845, § 1, effective January 1, 1995.
Editor's note: This section is similar to former §§ 4-3-108 and 4-3-109 as they existed prior to 1994.
This section is a restatement of former Section 3-108 and Section 3-109. Subsection (b) broadens former Section 3-109 somewhat by providing that a definite time includes a time readily ascertainable at the time the promise or order is issued. Subsection (b)(iii) and (iv) restates former Section 3-109(1)(d). It adopts the generally accepted rule that a clause providing for extension at the option of the holder, even without a time limit, does not affect negotiability since the holder is given only a right which the holder would have without the clause. If the extension is to be at the option of the maker or acceptor or is to be automatic, a definite time limit must be stated or the time of payment remains uncertain and the order or promise is not a negotiable instrument. If a definite time limit is stated, the effect upon certainty of time of payment is the same as if the instrument were made payable at the ultimate date with a term providing for acceleration.

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