Section 74 of NIA : Section 74: Presentment Of Instrument Payable On Demand
NIA
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Explanation using Example
Imagine John receives a cheque from Alice, which is a negotiable instrument payable on demand. According to Section 74 of The Negotiable Instruments Act, 1881, John should deposit or present this cheque to the bank for payment within a 'reasonable time' after he gets it. If John waits for an excessively long time, say several months, before presenting the cheque, and in the meantime, Alice's account has insufficient funds, John may face difficulties in getting the payment. The law encourages timely presentation to ensure the smooth functioning of financial transactions.
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