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Section 86 – The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

86. Parties not consenting discharged by qualified or limited acceptance.-

 

If the holder of a bill of exchange acquiesces in qualified acceptance, or one limited to part of the sum mentioned in the bill, or which substituted a different place or time for payment or which, where the drawees are not partners, is not signed by all the drawees, all previous parties whose consent is not obtained to such acceptance are discharged as against the holder and those claiming under him, unless on notice given by the holder they assent to such acceptance.

 

Explanation.-An acceptance is qualified-

 

(a) where it is conditional, declaring the payment to be dependent or the happening of an event therein stated;

 

(b) where it undertakes the payment of part only of the sum ordered to be paid;

 

(c) where, no place of payment being specified on the order, it undertakes the payment at a specified place, and not otherwise or elsewhere, or where a place of payment being specified in the order, it undertakes the payment at some other place and not otherwise or elsewhere;

 

(d) where it undertakes the payment at a time other than that at which under the order or would be legally due.

 

 

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The Negotiable Instruments Act, 1881

 

Indian Laws – Bare Acts

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