Section 496: Obligation to be fulfilled within the prescribed time

1) If a certain period has been specified for fulfilling any obligation, the concerned person shall fulfill such an obligation within the prescribed time.

2) If a certain day or time has been specified for fulfilling any obligation, the concerned person shall fulfill such obligation on that day or at that time.

Provided that if there is a stipulation that the obligation shall be fulfilled within a certain day or time, the obligation may be fulfilled even prior to such day or time.

3) If no period, day, or time has been specified under sub-section (1) or (2), the period, day, or time for fulfilling the obligation shall be determined having regard to the nature of the obligation, and the obligation shall be fulfilled within a reasonable period.

4) If any obligation is not fulfilled pursuant to sub-section (1), (2), or (3), the person who is bound to fulfill the obligation shall be deemed to have not been fulfilled, or to have been unable to fulfill, the obligation.