note is dishonored when the payee fails to pay the note receivable at maturity.

Name: note is dishonored when the payee fails to pay the note receivable at maturity.
Brand: Quizplus
Rating: 4.7 (35 reviews)

Question

Quizplus · Accepted Answer

A note is considered dishonored when the maker (the person who promises to pay) fails to make the payment on the note receivable at maturity, not the payee. The payee is the person to whom the payment is to be made.

Note Is Dishonored When the Payee Fails to Pay the Note