Title 11, Chapter 3, Section 108
Payable on demand or at definite time.
(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 upon the 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