What is the UCC's definition of an instrument that is "payable on demand?"
A)An instrument that states that it is payable 30 days after presentment
B)An instrument that states that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder,or does not state any time of payment
C)Is payable within 10 days after presentment
D)An instrument that states that it is payable on demand or at sight,or that it is payable 20 days after presentment
E)An instrument that states that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder;does not state any time of payment;or is payable within ten days after presentment

Question

Quizplus · Accepted Answer

A)The UCC defines an instrument "payable on demand" as one that "i)states that it is payable on demand or at sight,or otherwise indicates that it is payable at the will of the holder,or ii)does not state any time of payment" [3-108a)].
B)The UCC defines an instrument "payable on demand" as one that "i)states that it is payable on demand or at sight,or otherwise indicates that it is payable at the will of the holder,or ii)does not state any time of payment" [3-108a)].
C)The UCC defines an instrument "payable on demand" as one that "i)states that it is payable on demand or at sight,or otherwise indicates that it is payable at the will of the holder,or ii)does not state any time of payment" [3-108a)].
D)The UCC defines an instrument "payable on demand" as one that "i)states that it is payable on demand or at sight,or otherwise indicates that it is payable at the will of the holder,or ii)does not state any time of payment" [3-108a)].
E)The UCC defines an instrument "payable on demand" as one that "i)states that it is payable on demand or at sight,or otherwise indicates that it is payable at the will of the holder,or ii)does not state any time of payment" [3-108a)].

What Is the UCC's Definition of an Instrument That Is