When Is a Time Instrument Not Considered Overdue

question 5

Multiple Choice

When is a time instrument not considered overdue?

• A) When a party fails to make a lump-sum payment by the due date.
• B) When a party misses an interest payment on the instrument.
• C) When a party misses an installment payment on the principal.
• D) When a party does not make payment on either the principal or interest.
• E) A time instrument is always overdue upon any missed payment.

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Definitions:

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