Presentment for payment of instrument payable after date or sight
Full Text
Presentment for payment of instrument payable after date or sight.—A promissory note or bill of exchange, made payable at a specified period after date or sight thereof, must be presented for payment at maturity.
Plain English Summary
Directs that a promissory note or bill of exchange payable a set time after date or sight must be presented for payment precisely on its maturity date.
Key Legal Elements
- Applies to promissory notes or bills of exchange payable a specified period after date or sight
- Must be presented for payment exactly on the date of maturity
Practical Note
Critical maturity presentation rule. A time instrument must be presented on the exact day it matures (after adding 3 grace days under Section 22). Early or late presentation is invalid and discharges prior endorsers from liability if they are prejudiced.
हिंदी पाठ
तारीख या दर्शन के पश्चात् देय लिखत के भुगतान के लिए प्रस्तुतीकरण।—तारीख या दर्शन के पश्चात् एक विनिर्दिष्ट अवधि में देय बनाया गया वचन-पत्र या विनिमय-पत्र परिपक्वता (maturity) पर भुगतान के लिए प्रस्तुत किया जाना चाहिए।