Under Article 3 of the UCC,what is the effect of a note not stating a time for payment?
A) The note is void and unenforceable due to vagueness.
B) The note is considered nonnegotiable, but might nonetheless be enforceable.
C) The note is considered a time instrument, with payment due at a reasonable time.
D) The note is considered a demand instrument, with payment due on demand.
E) The note is voidable by the maker.

Question

Quizplus · Accepted Answer

Under Article 3 of the UCC, if a note does not state a time for payment, it is considered a demand instrument, meaning payment is due upon demand.

Under Article 3 of the UCC,what Is the Effect of a Note