PARRIS N. GLENDENING, Governor

Ch. 91

COULD ASSERT AGAINST THE ORIGINAL PAYEE, THE PROMISE OR ORDER IS NOT
THEREBY MADE CONDITIONAL FOR THE PURPOSES OF § 3-104(A); BUT IF THE
PROMISE OR ORDER IS AN INSTRUMENT, THERE CANNOT BE A HOLDER IN DUE
COURSE OF THE INSTRUMENT.

3-107.

UNLESS THE INSTRUMENT OTHERWISE PROVIDES, AN INSTRUMENT THAT
STATES THE AMOUNT PAYABLE IN FOREIGN MONEY MAY BE PAID IN THE FOREIGN
MONEY OR IN AN EQUIVALENT AMOUNT IN DOLLARS CALCULATED BY USING THE
CURRENT BANK-OFFERED SPOT RATE AT THE PLACE OF PAYMENT FOR THE
PURCHASE OF DOLLARS ON THE DAY ON WHICH THE INSTRUMENT IS PAID.

3-108.

(A)     A PROMISE OR ORDER IS "PAYABLE ON DEMAND" IF IT (I) STATES THAT
IT IS PAYABLE ON DEMAND OR AT SIGHT, OR OTHERWISE INDICATES THAT IT IS
PAYABLE AT THE WILL OF THE HOLDER, OR (II) DOES NOT STATE ANY TIME OF
PAYMENT.

(B)     A PROMISE OR ORDER IS "PAYABLE AT A DEFINITE TIME" IF IT IS
PAYABLE ON ELAPSE OF A DEFINITE PERIOD OF TIME AFTER SIGHT OR
ACCEPTANCE OR AT A FIXED DATE OR DATES OR AT A TIME OR TIMES READILY
ASCERTAINABLE AT THE TIME THE PROMISE OR ORDER IS ISSUED, SUBJECT TO
RIGHTS OF (I) PREPAYMENT, (II) ACCELERATION, (III) EXTENSION AT THE OPTION
OF THE HOLDER, OR (IV) EXTENSION TO A FURTHER DEFINITE TIME AT THE OPTION
OF THE MAKER OR ACCEPTOR OR AUTOMATICALLY UPON OR AFTER A SPECIFIED
ACT OR EVENT.

(C)     IF AN INSTRUMENT, PAYABLE AT A FIXED DATE, IS ALSO PAYABLE UPON
DEMAND MADE BEFORE THE FIXED DATE, THE INSTRUMENT IS PAYABLE ON
DEMAND UNTIL THE FIXED DATE AND, IF DEMAND FOR PAYMENT IS NOT MADE
BEFORE THAT DATE, BECOMES PAYABLE AT A DEFINITE TIME ON THE FIXED DATE

3-109.

(A)     A PROMISE OR ORDER IS PAYABLE TO BEARER IF IT:

(1)      STATES THAT IT IS PAYABLE TO BEARER OR TO THE ORDER OF
BEARER OR OTHERWISE INDICATES THAT THE PERSON IN POSSESSION OF THE
PROMISE OR ORDER IS ENTITLED TO PAYMENT;

(2)      DOES NOT STATE A PAYEE; OR

(3)      STATES THAT IT IS PAYABLE TO OR TO THE ORDER OF CASH OR
OTHERWISE INDICATES THAT IT IS NOT PAYABLE TO AN IDENTIFIED PERSON.

(B)     A PROMISE OR ORDER THAT IS NOT PAYABLE TO BEARER IS PAYABLE TO
ORDER IF IT IS PAYABLE (I) TO THE ORDER OF AN IDENTIFIED PERSON OR (II) TO AN
IDENTIFIED PERSON OR ORDER. A PROMISE OR ORDER THAT IS PAYABLE TO
ORDER IS PAYABLE TO THE IDENTIFIED PERSON.

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