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Section 132 – The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

132. Set of bills

 

Bills of exchange may be drawn in parts, each part being numbered and containing a provision that it shall continue payable only so long as the others remain unpaid. All the parts together make a set; but the whole set constitutes only one bill, and is extinguished when one of the parts if a separate bill, would be extinguished.

 

Exception:- When a person accepts or indorses different parts of the bill in favour of different persons, he hand the subsequent endorsers of each are liable on such part as if it were a separate bill.

 

 

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The Negotiable Instruments Act, 1881

 

Indian Laws – Bare Acts

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