Agent for presentment
Full Text
Agent for presentment.—When the instrument is deposited with an agent for presentment, the agent is entitled to the same time to give notice to his principal as if he were the holder giving notice of dishonour, and the principal is entitled to a further like period to give notice of dishonour.
Plain English Summary
Grants an agent for presentment independent time to notify their principal upon dishonour, and allows the principal an additional identical period to notify liable parties.
Key Legal Elements
- Instrument deposited with an agent (such as a collecting bank) for presentment
- Agent receives standard time allowance to notify the principal
- Principal gets an additional, equal period to issue notice of dishonour to prior parties
Practical Note
Extremely vital for collecting banks and their clients. The time period taken by the collecting bank to transmit dishonour memo back to the account holder is not counted against the holder's statutory limitation window to issue demand notice.
हिंदी पाठ
उपस्थापन के लिए अभिकर्ता।—जब लिखत उपस्थापन के लिए किसी अभिकर्ता के पास जमा की जाती है, तब अभिकर्ता अपने मालिक को सूचना देने के लिए उतने ही समय का हकदार होता है मानो वह अनादर की सूचना देने वाला धारक हो, और मालिक अनादर की सूचना देने के लिए आगे उसी प्रकार की कालावधि का हकदार होता है।