Negotiable Instruments Act Section 67 — Presentment for payment of promissory note payable by instalments

CHAPTER IV OF NEGOTIATION

General

Summary

If a promissory note is to be paid in instalments, it must be shown for payment on the third day after the date set for each instalment. If it is not paid when presented on that day, the effect is the same as if the whole note was not paid when it became due.

Official Text

A promissory note payable by instalments must be presented for payment on the third day after the date fixed for payment of each instalment; and non-payment on such presentment has the same effect as non-payment of a note at maturity.