Section 11 Bill payable at a future time.
A bill is payable at a determinable future time within the meaning of this Act which is expressed to be payable—
(1)
At a fixed period after date or sight.
(2)
On or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.
An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.