Reasonable time
Full Text
Reasonable time.—In determining what is a reasonable time for presentment for acceptance or payment, for giving notice of dishonour and for noting, regard shall be had to the nature of the instrument and the usual course of dealing with respect to similar instruments; and, in calculating such time, public holidays shall be excluded.
Plain English Summary
Sets the standard for determining reasonable time in negotiable instrument transactions based on commercial practice and specifically excludes public holidays.
Key Legal Elements
- Applies to presentment for acceptance or payment, notice of dishonour, and noting
- Determined by nature of the instrument and standard trade practices
- Public holidays are strictly excluded in calculating time
Practical Note
Provides statutory flexibility rather than a rigid formula, anchoring reasonableness to trade customs. For litigators, establishing customary banking or trade timelines is crucial to rebut any allegation of laches or unreasonable delay in presentment or notice.
हिंदी पाठ
युक्तियुक्त समय।—प्रतिग्रहण या संदाय के लिए उपस्थापन, अनादर की सूचना देने और टिप्पण कराने के लिए युक्तियुक्त समय क्या है, यह अवधारित करने में लिखत की प्रकृति और वैसी ही लिखतों के संबंध में व्यवहार के प्रायिक अनुक्रम को ध्यान में रखा जाएगा; और ऐसा समय परिकलित करने में सार्वजनिक अवकाश के दिनों को अपवर्जित कर दिया जाएगा।