The UCC Defines an Instrument "Payable on Demand" as One

question 37

Multiple Choice

The UCC defines an instrument "payable on demand" as one that ____.

• A) States that it is payable on demand or at sight, or that it is payable 20 days after presentment
• B) States that it is payable 30 days after presentment
• C) Is payable within 10 days after presentment
• D) States that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder, or does not state any time of payment
• E) States that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder; does not state any time of payment; or is payable within ten days after presentment

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Definitions:

Classified

In finance, this term usually refers to the segregation or categorization of items within financial statements or reports to enhance clarity and understanding.

Minority Ownership

A holding of less than 50% of the voting shares in a company, which does not provide control over the company's operations.

Corporate Investor

An entity, typically a company, that invests its resources in other companies, either to gain strategic advantages or financial returns.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that aim to standardize financial reporting globally.