PREM LALL SEIN Vs. RADHA BULLAV KANKRA

JUDGEMENT

(1.) The point which I have to decide in this case is, whether a promissory note payable on demand, in which there is no mention of interest, cornea within the provisions of S. 80, Negotiable Instruments Act, 1881, and if so, from what date is interest payable where no place is specified for payment, and no demand was made prior to suit.

(2.) Secs.79 and 80 are as follows:

(3.) Section 79:---When interest at a specified rate is expressly made payable on a promissory note, 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. Section 80:--When no rate of interest is specified in the instrument, interest on the amount due thereon shall, (notwithstanding any agreement relating to interest between any parties to the instrument) be calculated at the rate of 6 per centum per annum, from the date at which the same ought to have been paid by the party charged, until tender or realization of the amount due thereon, or until such date after the institution of a suit to recover such amount as the Court directs.