Monday, November 12, 2007

NI Act_Practical Problem_40

Distinguish between 'at sight', 'on presentment' and 'after sight' bill of exchange.

Section 21 of the NI Act explains the terms 'at sight', 'on presentment' and 'after sight' promissory note and bill of exchange.
It states that
In a promissory note or bill of exchange the expressions "at sight" and "on presentment" means on demand.
The expression "after sight" means, in a promissory note, after presentment for sight, and, in a bill of exchange after acceptance, or noting for non-acceptance, or protest for non-acceptance.

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