With Instruments Payable at a Definite Time, Revised Article 3

question 17

Multiple Choice

With instruments payable at a definite time, Revised Article 3 of the Uniform Commercial Code 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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