NIA Section 40

Negotiable Instruments Act

US
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NIAChapter III

S. 40

Discharge of indorser's liability

Description

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.

...More in Chapter III
By Raman Devgan
Updated: 16 Aug 2018
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