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Report No. 11

14. Instruments payable on demand.-

An instrument is payable on demand-

(a) where it is expressed to be payable on demand, or at sight, or on presentment;1 or

[Section 21, earlier half]

(b) where no time for payment is specified therein; or

[Section 19, part]

(c) where the instrument is a cheque; or

[Section 19, part]

(d) where the instrument is issued, accepted or indorsed after it is overdue, as regards the person so issuing, accepting or indorsing.2

(Section 35, para. 2, modified]

1. See section 10(1)(a), BEA.

2. See section 10(2), BEA.

Negotiable Instruments Act, 1881 Back

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