Law · Negotiable Instruments Act
Under the Negotiable Instruments Act, 1881, if a bill is drawn on January 30, 2024, payable one month after date, what is its exact maturity date (considering 2024 is a leap year), and what happens if that date is later declared a public holiday?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The maturity date is March 2, 2024, and if it is a holiday, the next succeeding business day is the maturity date.
- 2The maturity date is March 4, 2024, and if it is a holiday, the preceding business day is the maturity date.✓
- 3The maturity date is March 3, 2024, and if it is a holiday, the preceding business day is the maturity date.
- 4The maturity date is February 29, 2024, and if it is a holiday, it becomes March 1, 2024.
Correct answer
The maturity date is March 4, 2024, and if it is a holiday, the preceding business day is the maturity date.
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