Presentment of instrument payable on demand
Full Text
Presentment of instrument payable on demand.—Subject to the provisions of section 31, a negotiable instrument payable on demand must be presented for payment within a reasonable time after it is received by the holder.
Plain English Summary
Requires any negotiable instrument payable on demand to be presented for payment within a reasonable time after the holder receives it, subject to Section 31.
Key Legal Elements
- Subject to Section 31
- Applies to all negotiable instruments payable on demand
- Must be presented for payment within a reasonable time after receipt by the holder
Practical Note
Applies to demand notes, demand bills, and cheques. Presentment must happen within a 'reasonable time'. What constitutes a reasonable time depends on nature of instrument, banking custom, and facts of the case (under Section 105).
हिंदी पाठ
मांग पर देय लिखत का प्रस्तुतीकरण।—धारा 31 के उपबंधों के अधीन रहते हुए, मांग पर देय परक्राम्य लिखत धारक द्वारा प्राप्त होने के बाद उचित समय के भीतर भुगतान के लिए प्रस्तुत किया जाना चाहिए।