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Report No. 11

104. Section 53.-

Section 53 has been redrafted1 in the light of section 29(3) of the Bills of Exchange Act, to make the meaning more clear. The English provision expressly states that a person who is a party to any fraud or illegality affecting an instrument cannot be a holder in due course.

We have added a new sub-section, on the lines of sub-section (3) of section 38 of the English Act, to explain the rights of a holder whose title is defective. What is a defective title is explained in another provision.2

1. Section 51, ibid.

2. Section 25, ibid.

Negotiable Instruments Act, 1881 Back

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