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.

Question

Quizplus · Accepted Answer

As to instruments payable at a definite time, Revised Article 3 of the Uniform Commercial Code sets out four rules, the first being that if 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.

With Instruments Payable at a Definite Time, Revised Article 3