Question

    A promissory note payable by instalments must be

    presented for payment on the ………… after the date fixed for payment of each instalment
    A Second day Correct Answer Incorrect Answer
    B Third day Correct Answer Incorrect Answer
    C Fourth day Correct Answer Incorrect Answer
    D Fifth day Correct Answer Incorrect Answer
    E Eighth day Correct Answer Incorrect Answer

    Solution

    Section 67 of Negotiable Instruments Act - Presentment for payment of promissory note payable by instalments—A promissory note payable by instalments must be presented for payment on the third day after the date fixed for payment of each instalment; and non-payment on such presentment has the same effect as non-payment of a note at maturity.

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