§12A-3-108.

§12A-3-108.
   
                   PAYABLE ON DEMAND OR AT DEFINITE TIME
                                      
   (a) A promise or order is "payable on demand" if it (i) states that it
   is payable on demand or at sight, or otherwise indicates that it is
   payable at the will of the holder, or (ii) 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 (i) prepayment, (ii) acceleration, (iii) extension at the
   option of the holder, or (iv) 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.