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 endorser who so indorses it, be deemed a bill payable on demand. 13