If a negotiable instrument is payable on demand,it is overdue:
A)the day before the demand for payment has been made.
B)30 days after the demand for payment has been made.
C)the day after demand for the payment has been made in a proper manner and form.
D)the week after payment has been demanded.

Question

Quizplus · Accepted Answer

In order to qualify as a holder in due course,a person must take a negotiable instrument before he has notice that it either is overdue or has been dishonored.If a negotiable instrument is payable on demand,it is overdue (1)the day after demand for payment has been made in a proper manner and form; (2)90 days after its date if it is a check.

If a Negotiable Instrument Is Payable on Demand,it Is Overdue