Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the ______ day after the day on which it is expressed to be payable.
Verified Answer
A. 5th
B. 15th
C. 30th
D. 3rd
Explanation:
Section 22 of the Negotiable Instruments Act, 1881 states that every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable. These three days are called days of grace.