Explanation:

A negotiable instrument is subject to certain presumptions (Section 118).

a) Consideration – It shall be presumed that every negotiable instrument was made or drawn for consideration, and that every such instrument when it was accepted, indorsed, negotiated or transferred, was accepted, indorsed, negotiated or transferred for consideration.

b) Date – It shall be presumed that every negotiable instrument bearing a date was made or drawn on such date.

c) Time of acceptance – It shall be presumed that every accepted bill of exchange was accepted within a reasonable time after its date and before its maturity.

d) Transfer – It shall be presumed that every transfer of the negotiable instrument was made before its maturity.

e) Order of endorsement – It shall be presumed that the endorsements were made in the order in which they appear thereon.

           f) Stamp – It shall be presumed that an instrument is duly signed and stamped.