Section 70 NI Act: Presentment where no exclusive place specified

Negotiable Instruments Act, 1881

Section 70 NI Act at a Glance

Section 70 NI Act states where a promissory note or bill of exchange not payable as mentioned in Section 68 NI Act and Section 69 NI Act must be presented: at the maker's, drawee's, or acceptor's place of business or usual residence.

Section 70 NI Act Bare Act Text

70. Presentment where no exclusive place specified.

A promissory note or bill of exchange, not made payable as mentioned in sections 68 and 69, must be presented for payment at the place of business (if any), or at the usual residence, of the maker, drawee or acceptor thereof, as the case may be.

Section 70 NI Act in Simple Words

Section 70 NI Act sets the rule for where to present a promissory note or a bill of exchange for payment when the instrument is not made payable at a specified place under Section 68 NI Act or Section 69 NI Act. In that situation, the promissory note or bill of exchange must be presented for payment at the place of business (if any), or at the usual residence, of the maker, the drawee, or the acceptor of the instrument, as the case may be.

When Section 70 NI Act Applies

  • The instrument is a promissory note or a bill of exchange.
  • The instrument is not made payable at a specified place and not elsewhere as mentioned in Section 68 NI Act, and is not made payable at a specified place as mentioned in Section 69 NI Act.
  • The instrument must be presented for payment at the place of business (if any) or at the usual residence of the maker, drawee, or acceptor, as the case may be.

Example of Section 70 NI Act

Abdul makes a promissory note for ₹50,000 payable to Kamala without naming any specified place of payment in the instrument, so the note is not made payable as mentioned in Section 68 NI Act or Section 69 NI Act. Abdul operates a shop as a place of business in Vijayawada and has a usual residence in Vijayawada. Under Section 70 NI Act, Kamala must present the promissory note for payment at Abdul's place of business in Vijayawada or at Abdul's usual residence in Vijayawada.

FAQs on Section 70 NI Act

What is Section 70 NI Act?▼

Section 70 NI Act specifies where a promissory note or bill of exchange must be presented for payment when it is not made payable at a specified place as mentioned in Section 68 NI Act and Section 69 NI Act. It requires presentment for payment at the place of business (if any) or at the usual residence of the maker, drawee, or acceptor, as the case may be.

Where must a promissory note or bill of exchange be presented under Section 70 NI Act?▼

At the place of business (if any) or the usual residence of the maker, drawee, or acceptor. Section 70 NI Act applies this rule to a promissory note or bill of exchange not made payable as mentioned in Section 68 NI Act and Section 69 NI Act.

Does Section 70 NI Act apply when a promissory note or bill of exchange is made payable at a specified place?▼

No. If the promissory note or bill of exchange is made, drawn, or accepted payable at a specified place and not elsewhere under Section 68 NI Act, or at a specified place under Section 69 NI Act, presentment is governed by those sections rather than Section 70 NI Act.

What if the maker, drawee, or acceptor has no place of business under Section 70 NI Act?▼

At the usual residence. Section 70 NI Act states that presentment must be made at the place of business (if any), or at the usual residence, of the maker, drawee, or acceptor.

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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) ·