A Person Who Takes a Demand Instrument Knowing That Demand

question 47

True/False

A person who takes a demand instrument knowing that demand has been made has notice that the instrument is overdue.

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Definitions:

Earned

Received as a result of work or effort.

Simple Interest Rate

The rate at which simple interest is calculated, usually on an annual basis.

Borrowed

Funds taken as a loan from a lender with the agreement to pay back with interest.

Term Deposit

A fixed-term investment held at a financial institution that pays interest at a specified rate and matures on a specific date.