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Report No. 11

12. Partial failure of consideration not consisting of money.-

Where a part of the consideration for which a person signed an instrument, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that part, the sum which a holder standing in immediate relation to the person so signing is entitled to receive from him is proportionately reduced.

[Section 45]



Negotiable Instruments Act, 1881 Back




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