Negotiable Instruments Act Section 23 — Calculating maturity of bill or note payable so many months after date or sight

CHAPTER II OF NOTES, BILLSAND CHEQUES

General

Summary

To work out when a bill or note is due, count forward the stated number of months from the relevant starting point—such as the date on the document, the date it was shown for acceptance, or the date a certain event happened. The due date falls on the same day of the month as that starting point. If the final month does not have that exact day (for example, the 31st in a 30-day month), the due date is the last day of that month.

Official Text

In calculating the date at which a promissary note or bill of exchange, made payable a stated number of months after date or after sight, or after a certain event, is at maturity, the period stated shall be held to terminate on the day of the month which corresponds with the day on which the instrument is dated, or presented for acceptance or sight, or noted for non-acceptance, or protested for non-acceptance, or the event happens, or, where the instrument is a bill of exchange made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month.