Section 62 in The Negotiable Instruments Act
Title: Presentment of promissory note for sight
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.
Title: Drawee's time for deliberation
The holder must, if so required by the drawee of a bill of exchange presented to him for acceptance, allow the drawee 1[forty-eight] hours (exclusive of public holidays) to consider whether he will accept it
1. Subs. by Act 12 of 1921, s. 2 for twenty-four.
Title: Presentment for payment
2[(1)] Promissory notes, bills of exchange and cheques must be presented for payment to the maker, acceptor or drawee thereof respectively, by or on behalf of the holder as hereinafter provided. In default of such presentment, the other parties there to are not liable thereon to such holder.
1[Where authorized by agreement or usage, a presentment through the post office by means of a registered letter is sufficient.]
Exception.Where a promissory note is payable on demand and is not payable at a specified place, no presentment is necessary in order to charge the maker thereof.
3[(2) Notwithstanding anything contained in section 6, where an electronic image of a truncated cheque is presented for payment, the drawee bank is entitled to demand any further information regarding the truncated cheque from the bank holding the truncated cheque in case of any reasonable suspicion about the genuineness of the apparent tenor of instrument, and if the suspicion is that of any fraud, forgery, tampering or destruction of the instrument, it is entitled to further demand the presentment of the truncated cheque itself for verification:
Provided that the truncated cheque so demanded by the drawee bank shall be retained by it, if the payment is made accordingly.]
1. Added by Act 2 of 1885, s. 4.
2. Section 64 renumbered as sub-section (1) thereof by Act 55 of 2002, s. 3 (w.e.f. 6-2-2003).
3. Ins. by s. 3 ibid., (w.e.f. 6-2-2003).
Title: Hours for presentment
Presentment for payment must be made during the usual hours of business, and, if at a banker's within banking hours.
Title: Presentment for payment of instrument payable after date or sight
A promissory note or bill of exchange, made payable at a specified period after date or sight thereof, must be presented for payment at maturity.