An instrument including a clause that permits the date of maturity to be ex?tended by the maker for "no more than a reasonable time" is negotiable.

Question

Quizplus · Accepted Answer

A negotiable instrument must have a definite time of payment, and a clause allowing the maker to extend the maturity date for "no more than a reasonable time" introduces uncertainty, making it non-negotiable.

An Instrument Including a Clause That Permits the Date of Maturity