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Section 38 – The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

38. Prior party a principal in respect of each subsequent party.-

 

As between the parties so liable as sureties, each prior party is, in the absence of a contract to the contrary. Also liable thereon as a principal debtor in respect of each subsequent party.

 

ILLUSTRATION

 

A draws a bill payable to his own order on B, who accepts, A afterwards endorses the bill to C, C to D to E. As between E and B, B is the principal debtor, and A, C and D are his sureties. As between E and A., A is the principal debtor, and C and D are his sureties. As between E and C, C is the principal debtor and D is his surety.

 

 

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The Negotiable Instruments Act, 1881

 

Indian Laws – Bare Acts

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