Promissory Note
This query is : Resolved
18 May 2011
Whether 3 days of grace will be allowed or not in calculating the due date of a Promissory note??
19 May 2011
See Section 22 of NI Act 1881
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.
Check from below link---
http://www.vakilno1.com/bareacts/negoinstruact/chapter2/s22.htm
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.
Check from below link---
http://www.vakilno1.com/bareacts/negoinstruact/chapter2/s22.htm
20 May 2011
It is for the Creditor to adjust Debtor's dificulty at his terms
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