Okla. Stat. tit. 12A, § 3-304
Oklahoma Code Comment
1. Section 3-304 is important for the purpose of determining whether a holder is a holder in due course. To be a holder in due course, the holder must take without notice that an instrument is overdue. Under subsection (a)(l), a demand instrument is overdue one day after the day demand for payment is made. Consequently, under sub section 3-304(a)(1), one could still be a holder in due course after demand for payment is made, as long as the holder takes the instrument prior to the day after the day demand for payment is dub made. This set of facts would create a different result than under pre-revision sub section 3-304(3)(c) . Under that subsection, the instrument was overdue after demand was made. Of course, in either case, there must be notice that the instrument is overdue to destroy holder in due course status.
If the instrument is a check, it is overdue 90 days after its date. UCC § 3-304(a)(2). Under pre-revision sub section 3-304(3)(c), the check was presumed overdue 30 days after its issue.
2. A further distinction relating to demand instruments is evidenced by the difference between the language of this Section and prerevision subsection (3)(c). Under pre-revision subsection (3)(c), it was clear that an instrument was overdue, "more than a reasonable time after its issue " (emphasis added). Under current subsection (a)(3), the instrument is overdue when "it has been outstanding for a period of time after its date which is unreasonably long under the circumstances . . . " (emphasis added). The date of the instrument may not be the date of its issue. Under sub section 3-304(a), "issue" means the date of first delivery. The date of the instrument may not be the date of first delivery. Thus, a different result may be obtained under subsection (a)(3) than was obtainable under pre-revision subsection (3)(c).