Report No. 11

22. Immediate parties.-

For the purposes of this Act-

(a) the drawer of a bill stands in immediate relation to the acceptor;

(b) the maker of a note, or the drawer of a bill or cheque stands in immediate relation to the payee, and the indorser to his indorsee;

(c) other persons who sign may, by agreement, stand in immediate relation to a holder. (Section 44, Expl.1

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