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Report No. 11

60. Extent of liability of parties.-

(1) The maker of a note, the drawer of a cheque, the drawer of a bill until acceptance and the acceptor, are respectively liable thereon as principal debtors.......

(Section 37, part]

(2)... The other parties to the instrument are liable thereon as sureties for the maker, drawer or acceptor, as the case may be.

[Section 37, part]

(3) As between the parties so liable as sureties, each prior party is....also liable thereon as a principal debtor in respect of each subsequent party.

(Section 38, part]

Negotiable Instruments Act, 1881 Back

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