§ 41-03-08 — (3-108) Payable on demand or at a definite time

1. A promise or order is "payable on demand" if it states that it is payable on demand or
at sight, or otherwise indicates that it is payable at the will of the holder, or if it does not
state any time of payment.
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
prepayment, acceleration, extension at the option of the holder, or extension to a
further definite time at the option of the maker or acceptor or automatically upon or
after a specified act or event.
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.