Idina wants to buy a promissory note from Jo. The note is due on April 1. To become an HDC, Idina must buy the note
A) before midnight on April 1.
B) before noon on April 1.
C) before 8:00 a.m. on April 1
D) within thirty days of April 1.

Question

Quizplus · Accepted Answer

According to the Uniform Commercial Code (UCC), to become a holder in due course (HDC), Idina must purchase the promissory note before it becomes due, which is April 1. Therefore, the latest Idina can buy the note is before midnight on April 1.

Idina Wants to Buy a Promissory Note from Jo