Negotiable Instruments Act, 1881

132. Set of bills

Bills of exchange may be drawn in parts, each part being numbered and containing a provision that it shall continue payable only so long as the others remain unpaid. All the parts together make a set; but the whole set constitutes only one bill, and is extinguished when one of the parts of a separates bill, would be extinguished.

Exception: When a person accepts or endorses different parts of the bill in favor of different person, he and the subsequent endorsers of each part are liable on such part as if it were a separate bill.