Section 79: Interest when rate specified

The Negotiable Instruments Act, 1881

Chapter- VI Of Payment and Interest

Section 79: Interest when rate specified.

79. When interest at a specified rate is expressly made payable on a promissory note or bill of exchange, 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.


 

Disclaimer: Please refer Bare Act for original contents. Click here to access All Acts