BILLS OF EXCHANGE ACT 1909 - SECT 92 Note payable on demand
BILLS OF EXCHANGE ACT 1909 - SECT 92
Note payable on demand(1) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it be not so presented the indorser is discharged.
(2) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.
(3) Where a note payable on demand is negotiated, it is not
deemed to be overdue, for the purpose of affecting the holder with defects of
title of which he or she had no notice, by reason that it appears that a
reasonable time for presenting it for payment has elapsed since its issue.