Report No. 3

92. Article 75.-

Article 75 relates to a suit on a promissory note or a bond payable by instalments which provides that if a default is made in payment of one or more instalments, the whole shall become due. The cause of action arises when the default is made, except where the payee or obligee waives the benefit of the provision. In such a case the cause of action arises when a fresh default is made. In the case of an instalment bond, which provides a penalty in case of default, it is accepted law that it is open to the payee or obligee to waive the default and wait for .the next default, which gives rise to a fresh cause of action. The date in column 3 corresponds to the accrual of cause of action.