Section 66 NI Act: Presentment for payment of instrument payable after date or sight

Negotiable Instruments Act, 1881

Section 66 NI Act at a Glance

Section 66 NI Act requires a promissory note or a bill of exchange made payable at a specified period after date or after sight to be presented for payment at maturity.

Section 66 NI Act Bare Act Text

66. Presentment for payment of instrument payable after date or sight.

A promissory note or bill of exchange, made payable at a specified period after date or sight thereof, must be presented for payment at maturity.

Section 66 NI Act in Simple Words

Section 66 NI Act sets the timing for presenting a promissory note or a bill of exchange that is payable after a specified period.

When a promissory note or a bill of exchange is made payable at a specified period after its date or after sight, Section 66 NI Act requires that the instrument must be presented for payment at maturity.

When Section 66 NI Act Applies

  • The instrument is a promissory note or a bill of exchange.
  • The instrument is made payable at a specified period after date or after sight.
  • The instrument must be presented for payment at maturity.

Example of Section 66 NI Act

Divya in Jabalpur draws a bill of exchange for ₹60,000 on Prakash, made payable 90 days after date, and Prakash accepts the bill. Because the bill of exchange is made payable at a specified period after date, Section 66 NI Act requires the bill to be presented to Prakash for payment at maturity.

FAQs on Section 66 NI Act

What is Section 66 NI Act?▼

Section 66 NI Act sets the time for presenting certain instruments for payment. It requires a promissory note or a bill of exchange made payable at a specified period after date or after sight to be presented for payment at maturity.

When must a promissory note or bill of exchange payable after date or sight be presented for payment under Section 66 NI Act?▼

At maturity. Section 66 NI Act requires such an instrument to be presented for payment at maturity.

Which instruments are covered by Section 66 NI Act?▼

Promissory notes and bills of exchange that are made payable at a specified period after date or after sight.

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Disclaimer: This is for informational purposes only. Always consult a qualified advocate for legal advice.

Sources: Bare Act Text, Negotiable Instruments Act, 1881 (India Code) ·