Section 104A - When noting equivalent to protest, Section 105 - Reasonable time, Section 106 - Reasonable time of giving notice of dishonour : Negotiable Instruments Act 1881

When noting equivalent to protest? What is Reasonable time? What is Reasonable time of giving notice of dishonour? When noting equivalent to protest, Reasonable time and Reasonable time of giving notice of dishonour are defined under Section 104A, 105 and 106 of Negotiable Instruments Act 1881 

 

Section 104A of Negotiable Instruments Act 1881: "When noting equivalent to protest"

For the purposes of this Act, where a bill or note is required to be protested within a specified time or before some further proceeding is taken, it is sufficient that the bill has been noted for protest before the expiration of the specified time or the taking of the proceeding; and, the formal protest may be extended at any time thereafter as of the date of the noting.

 

Section 105 of Negotiable Instruments Act 1881: "Reasonable time"

In determining what is a reasonable time for presentment for acceptance or payment, for giving notice of dishonour and for noting, regard shall be had to the nature of the instrument and the usual course of dealing with respect to similar instruments; and, in calculating such time, public holidays shall be excluded.

 

Section 106 of Negotiable Instruments Act 1881: "Reasonable time of giving notice of dishonour"

If the holder and the party to whom notice of dishonour is given carry on business or live (as the case may be) in different places, such notice is given within a reasonable time if it is dispatched by the next post or on the day next after the day of dishonour.

If the said parties carry on business or live in the same place, such notice is given within a reasonable time if it is dispatched in time to reach its destination on the day next after the day of dishonour.