Reel CGI Animé Company issues a promissory note as a demand instrument with a due date of October 5.Syncopated Loan Company accepts the note.Syncopated has notice that the note is overdue if the firm takes the note
A)after October 5.
B)before October 5.
C)on October 5.
D)at any time.

Question

Quizplus · Accepted Answer

The due date on the promissory note is October 5, so if Syncopated Loan Company takes the note before that date, it would not be considered overdue yet. However, if they take it on or after October 5, the note is considered overdue. Therefore, option A is the correct answer.

Reel CGI Animé Company Issues a Promissory Note as a Demand