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BILLS OF EXCHANGE ACT 1882 - SECT 86 

Note payable on demand.

86.(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 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 had no notice, by reason that it appears that a reasonable time for
presenting it for payment has elapsed since its issue.

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© 1882 Crown Copyright

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