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Can you summarize NHRS 382-A:3-108?
UNIFORM COMMERCIAL CODE > Payable on Demand or at Definite Time.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and criteria for determining whether a promise or order is payable on demand or at a definite time. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it becomes due after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined when the promise or order is issued. The document also clarifies that if an instrument is payable at a fixed date but can also be demanded before that date, it is considered payable on demand until the fixed date. This legal document provides important guidance for parties involved in commercial transactions and helps establish the timing and conditions of payment.
Whom does it apply to?
Parties involved in promises or orders
What does it govern?
Payable on demand or at definite time
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire