Montana Code 30-3-109. Definite time
30-3-109. Definite time. (1) 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 the rights of:
Terms Used In Montana Code 30-3-109
- Acceptor: means a drawee that has accepted a draft. See Montana Code 30-3-102
- Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
- Order: means a written instruction to pay money signed by the person giving the instruction. See Montana Code 30-3-102
- Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Montana Code 30-3-102
(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.
(2)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.