Negotiable Instruments Act Section 83 — Discharge by allowing drawee more than forty-eight hours to accept

CHAPTER VII OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES

General

Summary

If the person holding a bill of exchange gives the person who is supposed to pay it more than forty-eight hours (not counting public holidays) to decide whether to accept it, then everyone who was previously responsible for the bill is released from their obligation to that holder, unless they agreed to the extra time.

Official Text

If the holder of a bill of exchange allows the drawee more than 1[forty-eight] hours, exclusive of public holidays, to consider whether he will accept the same, all previous parties not consenting to such allowance are thereby discharge from liability to such holder. 2