Section 10 Bill payable on demand.
(1)
A bill is payable on demand—
(a)
Which is expressed to be payable on demand, or at sight, or on presentation; or
(b)
In which no time for payment is expressed.
(2)
Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.