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Section 21 - At sight, On presentment, After sight, Section 22 - Maturity : Negotiable Instruments Act 1881

 

 

What is At sight, On presentment, After sight? What is Maturity? At sight, On presentment, After sight Maturity are defined under Section 21 and 22 of Negotiable Instruments Act 1881

Section 21 of Negotiable Instruments Act 1881: "At sight, On presentment, After sight"

In a promissory note or bill of exchange the expressions "at sight" and "on presentment" mean on demand. The expression "after sight" means, in a promissory note, after presentment for sight, and, in a bill of exchange, after acceptance, or noting for non-acceptance, or protest for non-acceptance.

 

Section 22 of Negotiable Instruments Act 1881: "Maturity"

The maturity of a promissory note or bill of exchange is the date at which it falls due.

Days of grace.
Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable.

 

Negotiable Instruments Act 1881

Section 21 - At sight, On presentment, After sight

Section 22 - Maturity

Section 23 - Calculating maturity of bill or note payable so many months after date or sight

Section 24 - Calculating maturity of bill or note payable so many days after date or sight

Section 25 - When day of maturity is a holiday

 

 

CHAPTER III
PARTIES TO NOTES, BILLS AND CHEQUES

Section 26 - Capacity to make, etc., the promissory notes, etc

Section 27 - Agency

Section 28 - Liability of agent signing

Section 29 - Liability of legal representative signing

Section 30 - Liability of drawer

 

 

Section 31 - Liability of drawee of cheque

Section 32 - Liability of maker of note and acceptor of bill

Section 33 - Only drawee can be acceptor except in need or for honour

Section 34 - Acceptance by several drawees not partners

Section 35 - Liability of indorser

Section 36 - Liability of prior parties to holder in due course

 

 

Section 37 - Maker, drawer and acceptor principals

Section 38 - Prior party a principal in respect of each subsequent party

Section 39 - Suretyship

Section 40 - Discharge of indorser's liability : Negotiable Instruments Act 1881

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