EZ Credit Company signs an instrument payable to the order of Flem that states,"The maker of this note at the date of maturity,May 1,2013,can extend the time of payment,but for no more than a reasonable time." This instrument is

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The instrument is nonnegotiable because it is not payable at a definite time. The ability to extend the time of payment makes the time of payment uncertain, which violates the requirement for negotiability that an instrument be payable at a definite time.

EZ Credit Company Signs an Instrument Payable to the Order