Section 62 NI Act: Presentment of promissory note for sight
Negotiable Instruments Act, 1881
Section 62 NI Act at a Glance
Section 62 NI Act requires a promissory note payable after sight to be presented to its maker for sight within a reasonable time, in business hours on a business day. Without such presentment, no party is liable to the person in default.
Section 62 NI Act Bare Act Text
62. Presentment of promissory note for sight.
A promissory note, payable at a certain period after sight, must be presented to the maker thereof for sight (if he can after reasonable search be found) by a person entitled to demand payment, within a reasonable time after it is made and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default.
Section 62 NI Act in Simple Words
Section 62 NI Act sets the rule for presenting a promissory note that is payable at a certain period after sight.
A person who is entitled to demand payment on the promissory note must present the note to the maker for sight, provided the maker can be found after a reasonable search. The presentment must take place within a reasonable time after the note is made, and it must be done during business hours on a business day.
If the person entitled to demand payment fails to present the promissory note as required by Section 62 NI Act, no party to the promissory note is liable on the note to the person who made that default.
When Section 62 NI Act Applies
- The instrument is a promissory note payable at a certain period after sight.
- A person entitled to demand payment must present the note to the maker for sight.
- The requirement to present to the maker applies if the maker can be found after a reasonable search.
- Presentment must be made within a reasonable time after the note is made.
- Presentment must take place in business hours on a business day.
- In default of such presentment, no party to the note is liable on it to the person making the default.
Example of Section 62 NI Act
FAQs on Section 62 NI Act
What is Section 62 NI Act?▼
Section 62 NI Act requires a promissory note payable at a certain period after sight to be presented to its maker for sight within a reasonable time and in business hours on a business day. If the person entitled to demand payment fails to make this presentment, no party to the note is liable on it to the person in default.
Who must present the promissory note for sight under Section 62 NI Act?▼
A person entitled to demand payment on the promissory note must present it to the maker for sight.
When must a promissory note payable after sight be presented under Section 62 NI Act?▼
Within a reasonable time after the promissory note is made, and during business hours on a business day.
Must the note be presented to the maker if the maker cannot be found under Section 62 NI Act?▼
Section 62 NI Act requires presentment to the maker for sight only if the maker can be found after a reasonable search.
What is the consequence of failing to present the promissory note for sight under Section 62 NI Act?▼
No party to the promissory note is liable on the note to the person who made the default in presentment.
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Sources: Bare Act Text, Negotiable Instruments Act, 1881 (India Code) ·