Texas Business & Commerce Code

§ 3.108 — PAYABLE ON DEMAND OR AT DEFINITE TIME

BC § 3.108Title 1. UNIFORM COMMERCIAL CODE · Ch. 3. NEGOTIABLE INSTRUMENTS · Art. A. GENERAL PROVISIONS AND DEFINITIONS

Statute 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;

…

Legislative history

Amended by Acts 1995, 74th Leg., ch. 921, Sec. 1, eff. Jan. 1, 1996.