Section 19 of NIA : Section 19: Instruments Payable On Demand

NIA

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Explanation using Example

Imagine John issues a promissory note to Alice for a loan of $10,000. The note simply states "I, John, promise to pay Alice $10,000." Since there is no specific time for repayment mentioned in the note, according to Section 19 of The Negotiable Instruments Act, 1881, this promissory note is payable on demand. This means Alice can request the repayment of $10,000 from John at any time.

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