Thursday, November 15, 2007

NI Act_Practicle Problems_40

A promissory note, executed on 31stJuly, 1997, is made payable 'One month after date. When does the note become payable?

3rd September, 1997. It is calculated in the following manner: Date of Execu­tion-31st July, 1997. Date of maturity-31st August + 3 days of grace = 3rd September, 1997.

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