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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.

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