What is Presentment for acceptance? What is Presentment of promissory note for sight? Presentment for acceptance and Presentment of promissory note for sight are defined under Section 61 and 62 of Negotiable Instruments Act 1881
A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, if he can, after reasonable search, be found, by a person entitled to demand acceptance, within a reasonable time after it is drawn, and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default. If the drawee cannot, after reasonable search, be found, the bill is dishonoured.
If the bill is directed to the drawee at a particular place,
it must be presented at that place; and if at the due date for
presentment he cannot, after reasonable search, be found there,
the bill is dishonoured.
Where authorized by agreement or usage, a presentment through
the post office by means of a registered letter is sufficient.
A promissory note, payable at a certain period after sight, must be presented to the maker thereof for sight (if he can after reasonable search be found) by a person entitled to demand payment, within a reasonable time after it is made and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default.
Negotiable Instruments Act 1881
CHAPTER V
OF PRESENTMENT
Section 61 - Presentment for acceptance
Section 62 - Presentment of promissory note for sight
Section 63 - Drawee's time for deliberation
Section 64 - Presentment for payment
Section 65 - Hours for presentment
Section 66 - Presentment for payment of instrument payable after date or sight
Section 67 - Presentment for payment of promissory note payable by installments
Section 68 - Presentment for payment of instrument payable at specified place and not elsewhere
Section 69 - Instrument payable at specified place
Section 70 - Presentment where no exclusive place specified
Section 71 - Presentment when maker, etc., has no known place of business or residence
Section 72 - Presentment of cheque to charge drawer
Section 73 - Presentment of cheque to charge any other person
Section 74 - Presentment of instrument payable on demand
Section 75 - Presentment by or to agent, representative of deceased, or assignee of insolvent
Section 75A - Excuse for delay in presentment for acceptance or payment
Section 76 - When presentment unnecessary
Section 77 - Liability of banker for negligently dealing with bill presented for payment
CHAPTER VI
OF PAYMENT AND INTEREST
Section 78 - To whom payment should be made