New Jersey Statutes 12A:3-108. Payable on demand or at definite time
Terms Used In New Jersey Statutes 12A:3-108
- Acceptor: means a drawee who has accepted a draft. See New Jersey Statutes 12A:3-103
- Maker: means a person who signs or is identified in a note as a person undertaking to pay. See New Jersey Statutes 12A:3-103
- Order: means a written instruction to pay money signed by the person giving the instruction. See New Jersey Statutes 12A:3-103
- Promise: means a written undertaking to pay money signed by the person undertaking to pay. See New Jersey Statutes 12A:3-103
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
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 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.
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.
L.1995,c.28,s.1.