Ohio Rev. Code » Chapter 1303
Ohio Revised Code

Ohio Rev. Code § 1303.07 (2026)

Payable on demand or at definite time - UCC 3-108

✓ current as of May 2026
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Effective:
August 19, 1994
Latest Legislation:
Senate Bill 147 - 120th General Assembly
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(A) 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 if it 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, 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 any of the following rights:

(1) Prepayment;

(2) Acceleration;

(3) Extension at the option of the holder;

(4) 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.
Notes of Decisions
Cited in 8 cases, 1983–2011 · leading case: Ranieri v. Terzano, 457 N.E.2d 906 (Ohio Ct. App. 1983).
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Ranieri v. Terzano, 457 N.E.2d 906 (Ohio Ct. App. 1983). · cites it 5× “*440 R.C. 1303.07 directs: “Instruments payable on demand include those payable at sight or on presentation and those in which no time for payment is stated,.”
Smith v. Vaughn, 882 N.E.2d 941 (Ohio Ct. App. 2007). “R.C. 1303.07(A); see also Ranieri v. Terzano (1983), 8 Ohio App.”
Chalmers v. Benson (In Re Benson), 33 B.R. 572 (Bankr. N.D. Ohio 1983). “Ohio Revised Code § 1303.07. Since an action on a demand note only requires the execution of the note, Ohio Revised Code § 1303.”
Jamison v. Soc'y Nat'l Bank, 611 N.E.2d 307 (Ohio 1993). “” Marion further found that the bank was not required to give notice before setting off deposited funds against the amount owing on a note because, under R.C. 1303.07 and 1303.21(A), no demand or notice of default is required before a bank may take action on a demand note.”
McGraw v. Fox (In re Bell), 50 B.R. 419 (Bankr. N.D. Ohio 1985). “See, Ohio Revised Code § 1303.07. The requirement that an instrument have a specific maturity date or that it be payable on demand is apparently intended to establish an event upon which the obligee can expect fulfillment of the obligation.”
Gallwitz v. Novel, 2011 Ohio 297 (Ohio Ct. App. 2011). · cites it 2× “Admittedly, the note does not contain any schedule or time for repayment.”
Jamison v. Soc. Natl. Bank, 1993 Ohio 167 (Ohio 1993). “" Marion further found that the bank was not required to give notice before setting off deposited funds against the amount owing on a note because, under R.C. 1303.07 and 1303.21(A), no demand or notice of default is required before a bank may take action on a demand note.”
Marion Ins. Agency, Inc. v. Fahey Banking Co., 572 N.E.2d 124 (Ohio Ct. App. 1988). “Under Ohio law, R.C. 1303.07 and 1303.21(A), and according to the Uniform Commercial Code, no demand or notice of default is required before a bank may take action on a demand note.”
Ohio Rev. Code § 1303.07(A): 2 cases
Smith v. Vaughn, 882 N.E.2d 941 (Ohio Ct. App. 2007). “R.C. 1303.07(A); see also Ranieri v. Terzano (1983), 8 Ohio App.”
Gallwitz v. Novel, 2011 Ohio 297 (Ohio Ct. App. 2011). “Admittedly, the note does not contain any schedule or time for repayment.”
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