554.3108 Payable on demand or at definite time. 1. A promise or order is 'payable on demand' if it states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or does not state anytime of payment. 2. 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 readilyascertainable 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 atthe 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, is also payable upon demand made before the fixed date, the instrument is payable on demand until the fixed date and, if demand forpayment is not made before that date, becomes payable at a definite time on the fixed date. 94 Acts, ch 1167, §17, 121, 122; 2013 Acts, ch 30, §261Referred to in §554.3103 Sat Dec 23 01:55:04 2023 Iowa Code 2024, Section 554.3108 (25, 0)
Iowa Legal Code