Discharge by allowing drawee more than forty-eight hours to accept
Full Text
Discharge by allowing drawee more than forty-eight hours to accept.—If the holder of a bill of exchange allows the drawee more than forty-eight hours, exclusive of public holidays, to consider whether he will accept the same, all previous parties not consenting to such allowance are thereby discharged from liability to such holder.
Plain English Summary
Discharges all prior non-consenting parties from liability if the holder allows the drawee more than 48 hours (excluding public holidays) to accept a bill of exchange.
Key Legal Elements
- Applies when the holder allows the drawee more than forty-eight hours to accept a bill of exchange
- Public holidays are excluded from the deliberation time calculation
- All prior parties who did not consent to this extension are discharged from liability to the holder
Practical Note
Complement to Section 63. Under Section 63, the drawee is entitled to 48 hours. If the holder allows more than that without getting the consent of prior parties (like the drawer and endorsers), the holder acts at their own peril, and those prior parties are completely discharged from liability because their risk was unilaterally prolonged.
हिंदी पाठ
आहारी को स्वीकार करने के लिए 48 घंटे से अधिक का समय देने पर दायित्वमुक्ति।—यदि विनिमय-पत्र का धारक आहारी (drawee) को यह विचार करने के लिए कि वह इसे स्वीकार करेगा या नहीं, सार्वजनिक अवकाशों को छोड़कर 48 घंटे से अधिक का समय देता है, तो ऐसी छूट के लिए सहमति न देने वाले सभी पूर्ववर्ती पक्ष (previous parties) धारक के प्रति दायित्व से मुक्त हो जाते हैं।