Presentment of promissory note for sight
Full Text
Presentment of promissory note for sight.—A promissory note, payable at a certain period after sight, must be presented to the maker thereof for sight (if he can after reasonable search be found) by a person entitled to demand payment, within a reasonable time after it is made and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default.
Plain English Summary
Requires a promissory note payable after sight to be presented to the maker for sight within a reasonable time, during business hours, on a business day, to hold prior parties liable.
Key Legal Elements
- Applies to promissory notes payable at a certain period after sight
- Must be presented to the maker for sight within a reasonable time after it is made
- Must be presented during business hours on a business day
- Default of presentment relieves prior parties from liability towards the defaulting person
Practical Note
Similar to Section 61 but for promissory notes. Presentment is needed so the maker can see the note and fix the starting point of the maturity period. If the holder defaults on this presentment, they lose the right to sue the maker or endorsers.
हिंदी पाठ
दर्शन के लिए वचन-पत्र का प्रस्तुतीकरण।—एक निश्चित अवधि के बाद दर्शन पर देय (payable after sight) वचन-पत्र को, भुगतान की मांग करने के हकदार व्यक्ति द्वारा, उसके बनने के बाद उचित समय के भीतर और कार्य दिवस पर व्यावसायिक घंटों के दौरान, उसके निर्माता (maker) के समक्ष दर्शन (sight) के लिए प्रस्तुत किया जाना चाहिए (यदि उचित खोज के बाद वह मिल सके)। ऐसे प्रस्तुतीकरण के अभाव में, लिखत का कोई भी पक्षकार व्यतिक्रम (default) करने वाले व्यक्ति के प्रति उत्तरदायी नहीं होगा।