§3-1108. Payable on demand or at definite time
(1). A promise or order is "payable on demand" if it:
(a). States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).]
(b). Does not state any time of payment. [PL 1993, c. 293, Pt. A, §2 (NEW).]
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(2). 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:
(a). Prepayment; [PL 1993, c. 293, Pt. A, §2 (NEW).]
(b). Acceleration; [PL 1993, c. 293, Pt. A, §2 (NEW).]
(c). Extension at the option of the holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).]
(d). Extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event. [PL 1993, c. 293, Pt. A, §2 (NEW).]
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(3). 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.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1993, c. 293, §A2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 3-A: NEGOTIABLE INSTRUMENTS
Part 1: GENERAL PROVISIONS AND DEFINITIONS
11 §3-1104. Negotiable instrument
11 §3-1105. Issue of instrument
11 §3-1106. Unconditional promise or order
11 §3-1107. Instrument payable in foreign money
11 §3-1108. Payable on demand or at definite time
11 §3-1109. Payable to bearer or to order
11 §3-1110. Identification of person to whom instrument is payable
11 §3-1113. Date of instrument
11 §3-1114. Contradictory terms of instrument
11 §3-1115. Incomplete instrument
11 §3-1116. Joint and several liability; contribution
11 §3-1117. Other agreements affecting instrument