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Supreme Court of India
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Criminal Law
Bare Acts
The Negotiable Instruments Act, 1881
Section 1-49
Section 1
Section 4
Section 6
Section 7
Section 8
Section 11
Section 14
Section 15
Section 22
Section 27
Section 39
Section 46
Section 38- Prior party a principal in respect of each subsequent party

As between the parties so liable as sureties, each prior party is, in the absence of a contract to the contrary. Also liable thereon as a principal debtor in respect of each subsequent party.

ILLUSTRATION

A draws a bill payable to his own order on B, who accepts, A afterwards endorses the bill to C, C to D to E. As between E and B, B is the principal debtor, and A, C and D are his sureties. As between E and A., A is the principal debtor, and C and D are his sureties. As between E and C, C is the principal debtor and D is his surety.

     
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