Kentucky Statutes 355.3-108 – Payable on demand or at definite time
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(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
(b) 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:
(a) Prepayment; (b) Acceleration;
(c) Extension at the option of the holder; or
(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.
(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.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 8, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-107, effective July 1, 1960.
(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
Terms Used In Kentucky Statutes 355.3-108
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) 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:
(a) Prepayment; (b) Acceleration;
(c) Extension at the option of the holder; or
(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.
(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.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 8, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-107, effective July 1, 1960.