Presentment for payment of promissory note payable by instalments
Full Text
Presentment for payment of promissory note payable by instalments.—A promissory note payable by instalments must be presented for payment on the third day after the date fixed for payment of each instalment; and non-payment on such presentment has the same effect as non-payment of a note at maturity.
Plain English Summary
Requires installment promissory notes to be presented for payment on the third day after each installment's due date (including grace days), treating default as dishonour at maturity.
Key Legal Elements
- Applies to promissory notes payable in installments
- Presentment for payment must happen on the third day after each installment's due date
- Default of payment on any installment has the same legal effect as default at maturity
Practical Note
Grants grace days for each installment. Just like a single-payment note gets 3 grace days, each individual installment of an installment note is entitled to 3 days of grace. Presentment must happen on that 3rd day, and default allows the holder to treat that installment as dishonoured.
हिंदी पाठ
किस्तों में देय वचन-पत्र के भुगतान के लिए प्रस्तुतीकरण।—किस्तों में देय वचन-पत्र को प्रत्येक किस्त के भुगतान के लिए नियत तिथि के बाद तीसरे दिन भुगतान के लिए प्रस्तुत किया जाना चाहिए; और ऐसे प्रस्तुतीकरण पर भुगतान न करने का वही प्रभाव होता है जो परिपक्वता पर नोट का भुगतान न करने का होता है।