Calculating maturity of bill or note payable so many days after date or sight
Full Text
Calculating maturity of bill or note payable so many days after date or sight.—In calculating the date at which a promissory note or bill of exchange made payable a certain number of days after date or after sight or after a certain event is at maturity, the day of the date, or of presentment for acceptance or sight, or of protest for non-acceptance, or on which the event happens, shall be excluded.
Plain English Summary
Directs that when calculating the maturity date of a bill or note payable a set number of days after a date or event, the starting day is excluded from the count.
Key Legal Elements
- Applies when an instrument is payable a certain number of days after date, sight, or an event
- The starting day must be excluded from calculation
- Days of grace must still be added to the final maturity date
Practical Note
Standard rule of construction for time periods. If a note is dated June 1st and payable 30 days after date, June 1st is excluded. The 30 days begin counting from June 2nd. The note matures on July 1st (plus 3 grace days = July 4th).
हिंदी पाठ
तारीख या दर्शन के इतने दिन पश्चात देय बिल या नोट की परिपक्वता की गणना।—उस तारीख की गणना करने में जिस पर कोई वचन-पत्र या विनिमय-पत्र, जो तारीख या दर्शन के पश्चात् या किसी निश्चित घटना के पश्चात् एक निर्दिष्ट संख्या में दिनों के बाद देय बनाया गया है, परिपक्व होता है, वह तारीख (दिन), या स्वीकृति या दर्शन के लिए प्रस्तुति का दिन, या अस्वीकृति के लिए प्रसाक्ष्य का दिन, या जिस दिन घटना घटती है, बाहर रखा जाएगा (जोड़ा नहीं जाएगा)।