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Report No. 11

41. Qualified indorsement.-

(1) The indorser of an instrument may, by express words in the indorsement, exclude his own liability thereon.

[Section 52, para. 1, part]

(2) Where an indorser so excludes his liability and afterwards becomes the holder of the instrument, all intermediate indorsers are liable to him.

[Section 52, para. 2]

Negotiable Instruments Act, 1881 Back

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