Asked by richard chiem on Jul 09, 2024
Verified
A note is dishonored when it is not fully paid at maturity.
Dishonored Note
A promissory note that has not been paid by the issuer at the time of its due date.
Fully Paid
Fully Paid denotes a status where all required payments for a service or product have been completed, with no outstanding amounts due.
- Understand and apply the concept of dishonoring a note.
Verified Answer
BN
Brittney NicholeJul 10, 2024
Final Answer :
True
Explanation :
When a note is not fully paid at its maturity date, it is considered to be dishonored.
Learning Objectives
- Understand and apply the concept of dishonoring a note.