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