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Can you summarize SDCL Chapter 57A-3?
UNIFORM COMMERCIAL CODE > Negotiable Instruments
Short Summary
This legal document, sourced from the South Dakota Codified Laws, falls under the UNIFORM COMMERCIAL CODE and specifically pertains to Negotiable Instruments. It provides definitions and provisions regarding the payment terms of such instruments. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not mention any specific time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it specifies a fixed date or a readily ascertainable time of payment. The document also clarifies that if an instrument is payable at a fixed date but allows demand for payment before that date, it is considered payable on demand until the fixed date. Overall, this document establishes the criteria for determining whether a negotiable instrument is payable on demand or at a definite time.
Whom does it apply to?
Individuals or entities involved in negotiable instruments
What does it govern?
Negotiable Instruments
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
South Dakota