1. A promise or order is“payable on demand” ifitstates that itis payable on demand or atsight, or otherwise indicates that itis payable at the will ofthe holder, or does not state any time of payment. 2. A promise or order is“payable at a definite time” ifitis payable on elapse of a definite period of time after sight or acceptance or at a fixed date or dates or at atime 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. 3. If an instrument, payable at a fixed date, isalso 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 ata definite time on the fixed date.
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