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Report No. 11

49. Instrument acquired after dishonour or when overdue.-

A holder who has acquired an instrument after dishonour, whether by non-acceptance or non-payment, with notice thereof, or after maturity, has only, as against the other parties, rights thereon of his transferor, and is subject to the equities to which the transferor was subject at the time of acquisition by such holder.

[Section 59, main para.]

Negotiable Instruments Act, 1881 Back

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