Section 19 NI Act: Instruments payable on demand
Negotiable Instruments Act, 1881
Section 19 NI Act at a Glance
Section 19 NI Act explains which instruments are payable on demand. A promissory note or bill of exchange in which no time for payment is specified, as well as every cheque, is payable on demand.
Section 19 NI Act Bare Act Text
19. Instruments payable on demand.
A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.
Section 19 NI Act in Simple Words
Section 19 NI Act identifies when a negotiable instrument is payable on demand. First, a promissory note or a bill of exchange is payable on demand if no time for payment is specified in the instrument.
Second, Section 19 NI Act states that a cheque is payable on demand.
When Section 19 NI Act Applies
- A promissory note in which no time for payment is specified is payable on demand.
- A bill of exchange in which no time for payment is specified is payable on demand.
- A cheque is payable on demand.
Example of Section 19 NI Act
FAQs on Section 19 NI Act
What is Section 19 NI Act?▼
Section 19 NI Act defines which negotiable instruments are payable on demand under the Negotiable Instruments Act, 1881. It states that a promissory note or bill of exchange in which no time for payment is specified, and a cheque, are payable on demand.
When is a promissory note or bill of exchange payable on demand under Section 19 NI Act?▼
When no time for payment is specified in the promissory note or bill of exchange.
Is a cheque payable on demand under Section 19 NI Act?▼
Yes. Section 19 NI Act says a cheque is payable on demand.
Have questions about Section 19 NI Act?
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Sources: Bare Act Text, Negotiable Instruments Act, 1881 (India Code) ·