14 Computation of time of payment.U.K.
Where a bill is not payable on demand the day on which it falls due is determined as follows: F1
[(1)The bill is due and payable in all cases on the last day of the time of payment as fixed bythe bill or, if that is a non-business day, on the succeeding business day]
(2)Where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment.
(3)Where a bill is payable at a fixed period after sight, the time begins to run from the date of the acceptance if the bill be accepted, and from the date of noting or protest if the bill be noted or protested for non-acceptance, or for non-delivery.
(4)The term “month” in a bill means a calendar month.
Textual Amendments
F1S. 14(1) substituted except in relation to bills drawn and notes made before 16.1.1972 by Banking and Financial Dealings Act 1971 (c. 80), s. 3(2)(3)