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Section 35 - Liability of indorser, Section 36 - Liability of prior parties to holder in due course : Negotiable Instruments Act 1881

What is Liability of indorser? What is Liability of prior parties to holder in due course? Liability of indorser and Liability of prior parties to holder in due course are defined under Section 35 and 36 of Negotiable Instruments Act 1881

 

 

Section 35 of Negotiable Instruments Act 1881: "Liability of indorser"

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

 

Section 36 of Negotiable Instruments Act 1881: "Liability of prior parties to holder in due course"

Every prior party to a negotiable instrument is liable thereon to a holder in due course until the instrument is duly satisfied.

 

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