A promissory note or bill of exchange, not made payable as mentioned in sections 68 and 69, must be presented for payment at the place of business (if any), or at the usual residence, of the maker, drawee or acceptor thereof, as the case may be.
CHAPTER IV OF NEGOTIATION · C H A P T E R V O F P R E S E N T M E N T
Section 70: Presentment where no exclusive place specified
The Negotiable Instruments Act, 1881
Questions on this section
1 question in 2 of our papers cite Section 70. Try these from the free papers:
1. Consider the following statements under Sections 68 to 71 of the Negotiable Instruments Act, 1881: 1. A promissory note made payable at a specified place and not elsewhere must, in order to charge any party to it, be presented for payment at that place. 2. A promissory note made payable at a specified place, but not exclusively, must be presented there in order to charge its maker. 3. Where no place of payment is specified, a promissory note must be presented at the place of business (if any) or usual residence of the maker. 4. Where the maker has no known place of business or fixed residence and no place is specified, presentment is excused and the note is deemed dishonoured. Which of the statements given above are correct?