Negotiable Instruments Act Section 17 — Ambiguous instruments

CHAPTER II OF NOTES, BILLSAND CHEQUES

General

Summary

If a single document could reasonably be read as either a promissory note or a bill of exchange, the person holding it gets to choose which one it is. Once that choice is made, the document is treated as that type from then on.

Official Text

Where an instrument may be construed either as a promissory note or bill of exchange, the holder may at his election treat it as either, and the instrument shall be thenceforward treated accordingly.