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Report No. 11

138. Section 82.-

As indicated earlier, the provisions of clauses (a) and (b) of section 82 have been included in a new section1 relating to the discharge of the liability of particular parties. In that section we have also included some other provisions relating to the discharge of particular parties, such as that contained in section 40 and the principle underlying section 90 which has been extended by us to all instruments,-the principle being one of general application, providing for a merger in the case of a union of the rights of the creditor and of the debtor. Another rule2 engrafted by us in this section is a corollary from the provision in section 39 of the Act relating to a surety. It states that when the holder of an accepted bill enters into a contract with the acceptor of the nature referred to in sections 134 or 135 of the Contract Act, the other parties liable on the bill would be discharged, unless the holder expressly reserves his right to charge them.

1. Section 78, ibid.

2. Section 78(2).

Negotiable Instruments Act, 1881 Back

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