Report No. 11

59. Liability of indorser of any instrument.-

The indorser of an instrument, by indorsing it engages that on due presentment it shall be accepted and paid according to its tenor, and that if it be dishonoured, he will compensate the holder or subsequent indorser who is compelled to pay it.1

1. See section 55(2), BEA.

(Section 35, para. 1, part, modified]