MARVIN MANDEL, Governor

155

"currency" or "current funds" is payable in money.

(2) A promise or order to pay a sum stated in a
foreign currency is for a sum certain in money and,
unless a different medium of payment is specified in the
instrument, may be satisfied by payment of that number of
dollars which the stated foreign currency will purchase
at the buying sight rate for that currency on the day on
which the instrument is payable or, if payable on demand,
on the day of demand. If such an instrument specifies a
foreign currency as the medium of payment the instrument
is payable in that currency.

3—108. Payable on demand.

Instruments payable on demand include those payable
at sight or on presentation and those in which no time
for payment is stated.

3—109. Definite time.

(1)   in 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.

3—110. Payable to order.

(1) An instrument is payable to order when by its
terms it is payable to the order or assigns of any person
therein specified with reasonable certainty, or to him or
his order, or when it is conspicuously designated on its
face as "exchange" or the like and names a payee. It
may be payable to the order of

(a)   The maker or drawer; or

(b)   The drawee; or