Arizona § 47-3108 Payable on demand or at definite time

Arizona Statutes

§ 47-3108 — Payable on demand or at definite time

Arizona § 47-3108

Title 47Arizona Revised Statutes

Ch. 3NEGOTIABLE INSTRUMENTS

Art. 1General Provisions and Definitions

This text of Arizona § 47-3108 (Payable on demand or at definite time) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 47-3108 (2026).

Text

A.A promise or order is "payable on demand" if it:

1.States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or

2.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:

1.Prepayment;

2.Acceleration;

3.Extension at the option of the holder; or

4.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

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A. A promise or order is "payable on demand" if it:

1. States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or

2. 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:

1. Prepayment;

2. Acceleration;

3. Extension at the option of the holder; or

4. 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.