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Section 23 - Calculating maturity of bill or note payable so many months after date or sight : Negotiable Instruments Act 1881

 

 

What is the method of Calculating maturity of bill or note payable so many months after date or sight? Calculating maturity of bill or note payable so many months after date or sight is defined under Section 23 of Negotiable Instruments Act 1881

Section 23 of Negotiable Instruments Act 1881: "Calculating maturity of bill or note payable so many months after date or sight "

In calculating the date at which a promissory note or bill of exchange, made payable a stated number of months after date or after sight, or after a certain event, is at maturity, the period stated shall be held to terminate on the day of the month which corresponds with the day on which the instrument is dated, or presented for acceptance or sight, or noted for non-acceptance, or protested for non-acceptance, or the event happens, or, where the instrument is a bill of exchange made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month.

 

Illustrations
(a) A negotiable instrument, dated 29th January, 1878, is made payable at one month after date. The instrument is at maturity on the 3rd day after the 28th February, 1878.

(b) A negotiable instrument, dated 30th August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.

(c) A promissory note or bill of exchange, dated 31st August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.

 

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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