A promise or order is "payable on demand" if:

1. (1) 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
2. (2) it does not state any time of payment.

History: En. Sec. 3-108, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-108; amd. Sec. 94, Ch. 410, L. 1991.