Promissory Note
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2011
Whether 3 days grace is allowed in case of promissory note or not like Bills of exchange???
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.
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.
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