Chapter V - Of Presentment
Section 74
Section 74: presentment of instrument payable on demand
Section 74 requires timely presentment after the holder receives an instrument payable on demand, subject to Section 31.
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Need advice on Section 74?
This article is for general information. Refer to the Negotiable Instruments Act, 1881 official text for the official provisions. If you need professional advice for your situation, contact Bizeneed.
Statutory text
Bare law
Subject to the provisions of section 31, a negotiable instrument payable on demand must be presented for payment within a reasonable time after it is received by the holder.
Applicability and limits
A demand instrument must be presented for payment within a reasonable time after the holder receives it, subject to Section 31.
The section does not set a uniform number of days; instrument type and the Section 31 qualification matter.
Hypothetical example
Hypothetical: a business receives a demand note and stores it for months. Before asserting recourse it checks when it was received and why presentment was delayed.
Evidence and decision flow
Confirm the instrument is payable on demand.
Record when the holder received it.
Apply reasonable-time presentment and the Section 31 qualification.
Practical checklist
Do
- Confirm that the instrument is payable on demand.
- Record when the holder received it.
- Present within a reasonable time and consider the Section 31 qualification.
Avoid
- Do not assume one statutory step replaces a separate presentment, dishonour or notice requirement.
Glossary
- Demand instrument
- Negotiable instrument payable when payment is demanded.
- Holder
- Person entitled in their own name to possess and recover the instrument amount.
Frequently asked questions
From when is reasonable time measured?
Section 74 measures it after receipt by the holder.
Does this section override Section 31?
No. Its opening words make it subject to Section 31.
Need help applying this provision to your situation?
Contact BizeneedLast updated 10 October 2026