Which of the Following Is True Regarding Payment on a Time

question 38

Multiple Choice

Which of the following is true regarding payment on a time instrument?

• A) It is payable in the same manner as a demand instrument.
• B) It may be made payable at a past or future date so long as a method for computing past-due interest is set forth in the document.
• C) It must be payable at a future time, and the date must be determinable through a separate instrument prepared in conjunction with the time instrument.
• D) It may be made payable at a past or future date so long as the method of computing interest is set forth either in the time instrument itself or in a separate document prepared in conjunction with the time instrument.
• E) It must be payable at a specific future time which is easily determinable from the document itself.