Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 40 – The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

40. Discharge of endorser’s liability.-

 

Where the holder of a negotiable instrument, without the consent of the endorser, destroys or impairs the endorser’s remedy against a prior party, the endorser is discharged from liability to the holder to the same extent as if the instrument had been paid at maturity.

 

Illustration

 

A is the holder of a bill of exchange made payable to the order of B, which contains the following endorsements in blank-

 

First endorsement, “B”.

 

Second endorsement, “Peter Williams”.

 

Third endorsement, “Wright & Co.”.

 

Fourth endorsement “John Rozario”.

 

This bill A puts in suit against John Rozario and strikes out, without John Rosario’s consent, the endorsements by Peter Williams and Wright & Co. A is not entitled to recover any thing from John Rozario.

 

 

Previous | Next

 

The Negotiable Instruments Act, 1881

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation