In which of the following situations is an instrument termed as overdue?
A)Where a check was made out 60 days ago.
B)Where there is a default in payment of interest on a note,but not in the payment of the principal.
C)Where the principal on a note is due in installments and an installment has not been paid.
D)Where a note dated January 1 is payable "30 days after date" and is paid on January 31.

Question

Quizplus · Accepted Answer

In the context of overdue instruments,Revised Article 3 states that if the principal is due in installments and a due date has not been accelerated,the instrument is overdue upon default for nonpayment of an installment and remains overdue until the default is cured.

In Which of the Following Situations Is an Instrument Termed