Section 67 of the Negotiable Instruments Act,1881.
A promissory note payable by instalments must be presented for payment on the third day after the date fixed for payment of each instalment; and non-payment on such presentment has the same effect as non-payment of a note at maturity.
Non-presentment of a note when an instalment falls due discharges the indorser only as to that instalment. And non-payment of one instalment after presentment will discharge the endorser as to the instalment defaulted and not from the whole note, an instalment being by itself a separate note. But if in an instalment note there is a stipulation that in default of one instalment the whole shall become due the endorser, on default of one instalment and on notice of dishonour, will be liable to pay the whole.