Question

Toby signs a note "payable to the order of United Credit Union." Unless Toby has a valid defense against payment, Toby's liability on this note is immediate. imposed only after payment is demanded. postponed until the note is dishonored by United Credit Union. suspended until payment is due.

Answer 1

Answer:

immediate

Explanation:

A note is a promise to pay a specific amount of money and it constitutes a contract between the two parties involved. A person that signs a note is immediately responsible to fullfil the terms. According to this, the answer is that unless Toby has a valid defense against payment, Toby's liability on this note is immediate.