This is important to understand as it affects the legal rights and responsibilities of the parties involved.
As a knowledgeable professor of finance, I want to clarify the concept of a bill of exchange being overdue. This occurs when the designated payment date has passed or, in the case of a bill payable on demand, when it has been in circulation for an unreasonable period according to the Bills of Exchange Act. This understanding is crucial as it impacts the legal obligations of all parties involved. Let's delve deeper into this topic.
