Promissory Note

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19 May 2011 Whether 3 days grace is allowed in case of promissory note or not like Bills of exchange???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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