Under section 118(f) of the Negotiable Instruments Act, 1881, what is presumed about a lost promissory…

Section 118(f) of the Negotiable Instruments Act, 1881 presumes that a lost promissory note was duly stamped until the contrary is proved.

Choose your answer

Under section 118(f) of the Negotiable Instruments Act, 1881, what is presumed about a lost promissory note until the contrary is proved?

Answer and explanation

Correct answer C

Section 118(f) of the Negotiable Instruments Act, 1881 presumes that a lost promissory note was duly stamped until the contrary is proved.

Option A

An unstamped note is the opposite of the statutory presumption.

Option B

Insufficient stamping is not presumed under section 118(f).

Option C

Due stamping is the express rebuttable presumption.

Option D

Section 118(f) concerns stamping. It does not presume expiry of limitation.