With Instruments Payable at a Definite Time,Revised Article 3 Requires

question 30

Multiple Choice

With instruments payable at a definite time,Revised Article 3 requires that if:

• A)the principal is not payable in installments and the due date has not been accelerated,the instrument is overdue on the day after the due date.
• B)the principal is due in installments and a due date has not been accelerated,the instrument is overdue on the day after the due date.
• C)a due date for the principal has been accelerated,the instrument is overdue upon default.
• D)there is a default in payment of the interest but no default in the payment of principal,the instrument becomes overdue.

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