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Section 45 – The Negotiable Instruments Act, 1881

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.

 

 

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The Negotiable Instruments Act, 1881

 

Indian Laws – Bare Acts

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