Asked by Nadia Patel on Jul 26, 2024
Verified
According to the Uniform Commercial Code,if a demand instrument is a check,the check is overdue ________ after its date.
A) 60 days
B) 90 days
C) 180 days
D) six months
E) one year
Demand Instrument
A demand instrument is a financial document that requires payment of a specified sum of money immediately upon demand or within a short time frame.
Overdue
Refers to something being past its expected or scheduled time, often used in the context of payments or tasks.
- Comprehend the legal duration specifying when time and demand instruments are considered overdue.
Verified Answer
ZK
Zybrea KnightAug 01, 2024
Final Answer :
B
Explanation :
A demand instrument,an instrument payable on demand,becomes overdue if it has been outstanding for an unreasonably long period of time after its date.According to Uniform Commercial Code Section 3-304(a)(2),if a demand instrument is a check,the check is overdue 90 days after its date.
Learning Objectives
- Comprehend the legal duration specifying when time and demand instruments are considered overdue.
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