If an Instrument Does Not Specify a Time for Payment

question 9

True/False

If an instrument does not specify a time for payment and the instrument must be paid on presentment, it is not negotiable.

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Definitions:

Deposits

Funds placed into an account in a bank or financial institution for safekeeping or to earn interest.

Compounded Monthly

Describes the process of calculating interest on both the initial principal and the accumulated interest from previous periods on a monthly basis.

Mortgage

A loan used to purchase real estate, secured by the property itself, which the borrower is obligated to pay back with a predetermined set of payments.

Balance

The amount of money in a financial repository, such as a bank account, at any given time, or the equilibrium state of an account after considering all debits and credits.