(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.
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §1; added by Acts 1995, No. 95-668, p. 1381, §1.)
Notes of Decisions
Blasco v. Money Servs. Ctr. (In Re Blasco), 352 B.R. 888 (Bankr. N.D. Ala. 2006).
“Section 7-3-108(a) provides that a “[check] 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.”
Brumfield v. Horn, 547 So. 2d 415 (Ala. 1989).
· cites it 3× “" Appellants argue that this does not give a time for payment, and, therefore, that under Code 1975, § 7-3-108, it is a "demand" note. The appellees contend that the note is to be paid out of the stock dividends as provided for in the agreement signed May 20.”
Bennett v. CIT Bank, N.A. (N.D. Ala. 2021).
· cites it 2× “§ 7-3-108(a). The Note in this case says no such thing and is not payable on demand.”
— Ala. Code § 7-3-108(a) — 2 cases
Blasco v. Money Servs. Ctr. (In Re Blasco), 352 B.R. 888 (Bankr. N.D. Ala. 2006).
“Section 7-3-108(a) provides that a “[check] 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.”
Bennett v. CIT Bank, N.A. (N.D. Ala. 2021).
“§ 7-3-108(a). The Note in this case says no such thing and is not payable on demand.”
— Ala. Code § 7-3-108(b) — 1 case
Bennett v. CIT Bank, N.A. (N.D. Ala. 2021).
“§ 7-3-108(a). The Note in this case says no such thing and is not payable on demand.”
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