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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 40- Discharge of endorser's liability

Where the holder of a negotiable instrument, without the consent of the endorser, destroys or impairs the endorser's remedy against a prior party, the endorser 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 endorsements in blank-

First endorsement, "B".

Second endorsement, "Peter Williams".

Third endorsement, "Wright & Co.".

Fourth endorsement "John Rozario".

This bill A puts in suit against John Rozario and strikes out, without John Rosario's consent, the endorsements by Peter Williams and Wright & Co. A is not entitled to recover any thing from John Rozario.

     
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