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Start Free TrialNEGOTIABLE INSTRUMENTS ACT, 1881 Section 40
Title: Discharge of indorser's liability
State: Central
Year: 1881
Where the holder of a negotiable instrument, without the consent of the indorser, destroys or impairs the indorser's remedy against a prior party, the indorser 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 indorsements in blank:-- First indorsement, "B". Second indorsement, "Peter Williams". Third indorsement "Wright & Co.". Fourth indorsement, "John Rozario". This bill A puts in suit against John Rozario and strikes out, without John Rozario's consent, the indorsements by Peter Williams and Wright & Co. A is not entitled to recover anything from John Rozario.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 52
Title: Indorser Who Excludes His Own Liability or Makes It Conditional
State: Central
Year: 1881
The indorser of a negotiable instrument may, by express words in the indorsement, exclude his own liability thereon, or make such liability or the right of the indorsee to receive the amount due thereon depend upon the happening of a specified event, although such event may never happen. Where an indorser so excludes his liability and afterwards becomes the holder of the instrument all intermediate indorsers are liable to him. Illustrations (a) The indorser of a negotiable instrument signs his name, adding the words-- "Without recourse". Upon this indorsement he incurs no liability. (b) A is the payee and holder of a negotiable instrument. Excluding personal liability by an indorsement "without recourse", he transfers the instrument to B, and B indorses it to C, who indorses it to A. A is not only reinstated in his former rights, but has the rights of an indorsee against B and C.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 50
Title: Effect of Indorsement
State: Central
Year: 1881
The indorsement of a negotiable instrument followed by delivery transfers to the indorsee the property therein with the right of further negotiation; but the indorsement may, by express words, restrict or exclude such right, or may merely constitute the indorsee an agent to indorse the instrument, or to receive its contents for the indorser, or for some other specified person. Illustrations B signs the following indorsements on different negotiable instruments payable to bearer:-- (a) "Pay the contents to C only." (b) "Pay C for my use." (c) "Pay C or order for the account of B." (d) "The within must be credited to C." These indorsements exclude the right of further negotiation by C. (e) "Pay C." (f) "Pay C value in account with the Oriental Bank." (g) "Pay the contents to C, being part of the consideration in a certain deed of assignment executed by C to the indorser and others." These indorsements do not exclude the right of further negotiation by C.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 49
Title: Conversion of Indorsement in Blank into Indorsement in Full
State: Central
Year: 1881
The holder of a negotiable instrument indorsed in blanks may, without signing his own name, by writing above the indorser's signature a direction to pay to any other person as indorsee, convert the indorsement in blank into an indorsement in full; and the holder does not thereby incur the responsibility of an indorser.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 55
Title: Conversion of Indorsement in Blank into Indorsement in Full
State: Central
Year: 1881
If a negotiable instrument, after having been indorsed in blank, is indorsed in full, the amount of it cannot be claimed from the indorser in full, except by the person to whom it has been indorsed in full, or by one who derives title through such person.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 35
Title: Liability of Indorser
State: Central
Year: 1881
In the absence of a contract to the contrary, whoever indorses and delivers a negotiable instrument before maturity, without, in such indorsement, expressly excluding or making conditional his own liability, is bound thereby to every subsequent holder, in case of dishonour by the drawee, acceptor or maker, to compensate such holder for any loss or damage caused to him by such dishonour, provided due notice of dishonour has been given to, or received by, such indorser as hereinafter provided. Every indorser after dishonour is liable as upon an instrument payable on demand.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 16
Title: Indorsement "in Blank" and "in Full"--"indorsee"
State: Central
Year: 1881
1[ (1) ] W the indorser signs hi s name only, the indorsement is said to be "in blank", and if he adds a direction to pay the amount me ntioned in the instrument to, or to the ord er of, a specified person, the indorsement is said to be "in full", and the person so specified is called the "indorsee" of the instrument. 2[( 2 ) The provisions of this Act relating to a payee sh all apply with the necessary modifications to an indorsee.] ______________________ 1 . Section 16 renumbered as sub -section ( 1 ) by Act 5 of 1914 , sec. 3 . 2. Added by Act 5 of 1914 , sec. 3 .
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 41
Title: Acceptor Bound, Although Indorsement Forged
State: Central
Year: 1881
An acceptor of a bill of exchange already indorsed is not relieved from liability by reason that such indorsement is forged, if he knew or had reason to believe the indorsement to be forged when he accepted the bill.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 15
Title: Indorsement
State: Central
Year: 1881
When the maker or holder of a negotiable instrument signs the same, otherwise than as such maker, for the purpose of negotiation, on the back or face thereof or on a slip of paper annexed thereto, or so signs for the same purpose a stamped paper intended to be completed as a negotiable instrument, he is said to indorse the same, and is called the "indorser".
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 88
Title: Acceptor or Indorser Bound Notwithstanding Previous Alteration
State: Central
Year: 1881
An acceptor or indorser of a negotiable instrument is bound by his acceptance or indorsement notwithstanding any previous alteration of the instrument.
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