When interest at a specified rate is expressly made payable on a promissory note or bill of exchange, interest shall be calculated at the rate specified, on the amount of the principal money due thereon, from the date of the instrument, until tender or realization of such amount, or until such date after the institution of a suit to recover such amount as the Court directs.
CHAPTER VI OF PAYMENTAND INTEREST
Section 79: Interest when rate specified
The Negotiable Instruments Act, 1881
Questions on this section
1 question in 3 of our papers cite Section 79. Try these from the free papers:
1. Under Section 79 of the Negotiable Instruments Act, 1881, where interest at a specified rate is expressly made payable on a promissory note, interest on the principal money due is calculated from: