Question

What is the period of limitation given in Schedule of Limitation Act for a Bill of exchange and a promissory note?

A 3 years Correct Answer Incorrect Answer
B 4 years Correct Answer Incorrect Answer
C 3 years for promissory note and 5 years for Bill of exchange Correct Answer Incorrect Answer
D 3 years for bill of exchange and 2 years for a promissory note Correct Answer Incorrect Answer

Solution

The Schedule Item no. 31. On a bill of exchange or promissory note payable at a fixed time after date. Period of Limitation is - Three years from the date when the bill or note falls due

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