alleryStart learning →The maturity of a promissory note or bill is the date on which it:
AFalls due for payment
BIs first drawn up
CIs first endorsed
DIs first accepted
Answer & Solution
Correct answer: A. Falls due for payment
Maturity is simply the date at which the instrument becomes due for payment.
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What sets a demand promissory note apart from one payable at a fixed future date?What does a promissory note contain that an IOU lacks?A bill of exchange requires, at its inception, how many parties?A holder in due course must acquire the instrument for consideration:A sum payable may still be 'certain' although it includes:A signs 'I promise to pay B or order Rs.500.' This is:A signed writing 'Mr B I.O.U Rs.1,000' is, under section 4:Where an instrument may be read as a promissory note or as a bill, the holder: