What is the method of Calculating maturity When day of maturity is a holiday? Calculating maturity When day of maturity is a holiday is defined under Section 25 of Negotiable Instruments Act 1881
When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day.
Explanation : The expression "public holiday" includes Sundays : and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday.
Negotiable Instruments Act 1881
Section 21 - At sight, On presentment, After sight
Section 23 - Calculating maturity of bill or note payable so many months after date or sight
Section 24 - Calculating maturity of bill or note payable so many days after date or sight
Section 25 - When day of maturity is a holiday
CHAPTER III PARTIES TO NOTES, BILLS AND CHEQUES
Section 26 - Capacity to make, etc., the promissory notes, etc
Section 28 - Liability of agent signing
Section 29 - Liability of legal representative signing
Section 30 - Liability of drawer
Section 31 - Liability of drawee of cheque
Section 32 - Liability of maker of note and acceptor of bill
Section 33 - Only drawee can be acceptor except in need or for honour
Section 34 - Acceptance by several drawees not partners
Section 35 - Liability of indorser
Section 36 - Liability of prior parties to holder in due course
Section 37 - Maker, drawer and acceptor principals
Section 38 - Prior party a principal in respect of each subsequent party
Section 40 - Discharge of indorser's liability : Negotiable Instruments Act 1881