Bare Acts  | Legal Resources  | Lawyer Locater  | Articles  | Legal Dictionary  | Download Desktop Software  | Subscription   Home   |   E-Journal  |  Sign-In  | Contact Us  | Disclaimers

Supreme Court of India
 Search Tips
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 43- Negotiable instrument made, etc., without consideration

A negotiable instrument made, drawn, accepted, indorsed, or transferred without consideration, or for a consideration which fails, creates no obligation of payment between the parties to the transaction. But if any such party has transferred the instrument with or without endorsement to a holder for consideration, such holder, and every subsequent holder deriving title from him, may recover the amount due on such instrument from the transferor for consideration or any prior party thereto.

Exception I.- No party for whose accommodation a negotiable instrument has been made, drawn, accepted or indorsed can, if he has paid the amount thereof, recover thereon such amount from any person who became a party to such instrument for his accommodation.

Exception II.-No party to the instrument who has induced any other party to make, draw, accept, indorse or transfer the same to him for a consideration which he has failed to pay or perform in full shall recover there in an amount exceeding the value of the consideration (if any) which he has actually paid or performed.

     
@2016 Indian Law
Our Ventures