Under the Negotiable Instruments Act, 1881, if the holder and the notified party are in different places:
Section 106 provides that where the parties live or carry on business in different places, notice is given within a reasonable time "if it is despatched by the next post or…
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Under the Negotiable Instruments Act, 1881, if the holder and the notified party are in different places:
Answer and explanation
Correct answer B
Section 106 provides that where the parties live or carry on business in different places, notice is given within a reasonable time "if it is despatched by the next post or on the day next after the day of dishonour". No week or forty-eight-hour allowance exists, and same-day receipt is not required.
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