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Section 25 - When day of maturity is a holiday : Negotiable Instruments Act 1881

 

 

What is the method of Calculating maturity When day of maturity is a holiday? Calculating maturity When day of maturity is a holiday is defined under Section 25 of Negotiable Instruments Act 1881

Section 25 of Negotiable Instruments Act 1881: "When day of maturity is a holiday"

When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day.

Explanation : The expression "public holiday" includes Sundays : and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday.

 
 

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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