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    Question

    What is the period of limitation given in Schedule of

    Limitation act for a Bill of exchange and  a promissory note?       
    A 3 years Correct Answer Incorrect Answer
    B 3 years for bill of exchange and 2 years for a promissory note Correct Answer Incorrect Answer
    C 4 years Correct Answer Incorrect Answer
    D 3 years for promissory note and 5 years for Bill of exchange Correct Answer Incorrect Answer

    Solution

    The Schedule Item no. 31. On a bill of exchange or promissory note payable at a fixed time after date. Period of Limitation is - Three years from the date when the bill or note falls due

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