What is the meaning of Holder of first acquired part entitled to all? What is the Law governing liability of maker, acceptor or indorser of foreign instrument? Holder of first acquired part entitled to all and Law governing liability of maker, acceptor or indorser of foreign instrument are defined under Section 133 and 134 of Negotiable Instruments Act 1881
As between holders in due course of different parts of the same set, he who first acquired title to his part is entitled to the other parts and the money represented by the bill.
In the absence of a contract to the contrary, the liability of the maker or drawer of a foreign promissory note, bill of exchange or cheque is regulated in all essential matters by the law of the place where he made the instrument, and the respective liabilities of the acceptor and indorser by the law of the place where the instrument is made payable.
A bill of exchange was drawn by A in California, where the rate of interest is 25 per cent, and accepted by B, payable in Washington, where the rate of interest is 6 per cent. The bill is endorsed in 1[India], and is dishonoured. An action on the bill is brought against B in India. He is liable to pay interest at the rate of 6 per cent only; but if A is charged as drawer, A is liable to pay interest at the rate of 25 per cent.
CHAPTER XIV OF CROSSED CHEQUES
CHAPTER XV OF BILLS IN SETS
CHAPTER XVI OF INTERNATIONAL LAW
CHAPTER XVII OF PENALTIES IN CASE OF DISHONOUR OF CERTAIN CHEQUES FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS