Calculation of days of maturity {Sec. 23 to 25}
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CASE |
DATE OF MATURITY |
| Negotiable instrument payable on a specified day.
|
Specified day + 3rd day |
| Negotiable instrument payable on a stated number of days after date | Date on which negotiable instrument is Drawn + stated number of days + 3rd day |
| Negotiable instrument payable on a stated number of days after sight | Date on which negotiable instrument is presented for sight + stated number of days + 3rd day |
| Negotiable instrument payable on a stated number of days after happening of a certain event | Date on which such event happens + stated number of days + 3rd day.
|
| Negotiable instrument payable on stated number of month after date.
|
Corresponding day of the relevant month (i.e., date on which negotiable instrument is drawn + stated number of month) + 3rd day |
| Negotiable instrument payable on stated number of month after sight | Corresponding day of the relevant month (i.e., Date on which negotiable instrument is presented for sight + stated number of months) + 3rd day.
|
| Negotiable Instrument payable on stated number of months after happening of a certain event | Corresponding day of the relevant month (i.e., Date on which such event happens + stated number of months) + 3rd day |
| If the day of maturity of negotiable instrument is a public holiday | Immediately preceding business day |
| If the day of maturity of negotiable instrument is an emergency or unforeseen public holiday | Immediately succeeding business day |
Note:- If in the relevant month, there is no corresponding day, the last day of such month shall be taken.
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