N.Y. Uniform Commercial Code Law Section 3-109
Definite Time


Section 3--109. Definite Time.

(1)

An instrument is payable at a definite time if by its terms it is payable (a) on or before a stated date or at a fixed period after a stated date; or

(b)

at a fixed period after sight; or

(c)

at a definite time subject to any acceleration; or

(d)

at a definite time subject to extension at the option of the holder, or to extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event.

(2)

An instrument which by its terms is otherwise payable only upon an act or event uncertain as to time of occurrence is not payable at a definite time even though the act or event has occurred.

Source: Section 3-109 — Definite Time, https://www.­nysenate.­gov/legislation/laws/UCC/3-109 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 3-109’s source at nysenate​.gov

Link Style