CHAPTER II. - Interpretation

Section 2. - Interpretation of formal requirements

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Article 9

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1. An instrument is deemed to be payable on demand:

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(a) If it states that it is payable at sight or on demand or on presentment or if it contains words of similar import; or

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(b) If no time of payment is expressed.

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2. An instrument payable at a definite time which is accepted or endorsed or guaranteed after maturity is an instrument payable on demand as regards the acceptor, the endorser or the guarantor.

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3. An instrument is deemed to be payable at a definite time if it states that it is payable:

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(a) On a stated date or at a fixed period after a stated date or at a fixed period after the date of the instrument;

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(b) At a fixed period after sight;

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(c) By instalments at successive dates; or

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(d) By instalments at successive dates with the stipulation in the instrument that upon default in payment of any instalment the unpaid balance becomes due.

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4. The time of payment of an instrument payable at a fixed period after date is determined by reference to the date of the instrument.

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5. The time of payment of a bill payable at a fixed period after sight is determined by the date of acceptance or, if the bill is dishonoured by non-acceptance, by the date of protest or, if protest is dispensed with, by the date of dishonour.

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6. The time of payment of an instrument payable on demand is the date on which the instrument is presented for payment.

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7. The time of payment of a note payable at a fixed period after sight is determined by the date of the visa signed by the maker on the note or, if his visa is refused, by the date of presentment.

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8. If an instrument is drawn, or made, payable one or more months after a stated date or after the date of the instrument or after sight, the instrument is payable on the corresponding date of the month when payment must be made. If there is no corresponding date, the instrument is payable on the last day of that month.

UNCITRAL Convention on International Bills of Exchange and International Promissory Notes, 1988

CHAPTER I. - Sphere Of Application And Form Of The Instrument

CHAPTER II. - Interpretation

Section 1. - General provisions

Section 2. - Interpretation of formal requirements

Section 3. - Completion of an incomplete instrument

CHAPTER III. - Transfer

CHAPTER IV. - Rights And Liabilities

Section 1. - The rights of a holder and of a protected holder

Section `2. - Liabilities of the parties

A. - General provisions

B. - The drawer

C. - The maker

D. - The drawee and the acceptor

E. - The endorser

F. - The transferor by endorsement or by mere delivery

G. - The guarantor

CHAPTER `V. - Presentment, Dishonour By Non-Acceptance Or Non-Payment, And Recourse

Section `1. - Presentment for acceptance and dishonour by non-acceptance

Section `2. - Presentment for payment and dishonour by non-payment

Section `3. - Recourse

A. - Protest

B. - Notice of dishonour

Section 4. - Amount payable

CHAPTER VI. - Discharge

Section 1. - Discharge by payment

Section 2. - Discharge of other parties

CHAPTER VII. - Lost Instruments

CHAPTER VIII. - Limitation (Prescription)

CHAPTER IX. - Final Provisions

[Post Provisions]

Annex - Explanatory Note by the UNCITRAL Secretariat on the United Nations Convention on International Bills of Exchange and International Promissory Notes *[NOTE]

B. - Salient Features Of The Convention

Notes

Endnotes

Metadata

Manifest

CHAPTER II. - Interpretation

Section 2. - Interpretation of formal requirements

Article 9