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Report No. 11

32. Requisites of indorsement.-

(1) Negotiation by indorsement must be of the entire instrument.1

(2) An indorsement which purports to transfer to the indorsee only a part of the amount payable, or which purports to transfer the instrument to two or more indorsees severally, is not valid as a negotiation of the instrument;2 but where such amount has been paid in part, a note to that effect may be indorsed on the instrument, which may then be indorsed for the balance.

1. See section 32(2), BEA.

2. See section 32(2), BEA.

[Section 56]

Negotiable Instruments Act, 1881 Back

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