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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.




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.



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The Negotiable Instruments Act, 1881


Indian Laws – Bare Acts

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