The Negotiable Instruments Act, 1881
45. Partial failure of consideration not consisting of money.-
Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that party, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.
The Negotiable Instruments Act, 1881
