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Section 32: Liability of maker of note and acceptor of bill.

The Negotiable Instruments Act, 1881Central Act · Act 26 of 1881

In the absence of a contract to the contrary, the maker of a promissory note and the acceptor before maturity of a bill of exchange are bound to pay the amount thereof at maturity according to the apparent tenor of the note or acceptance respectively, and the acceptor of a bill of exchange at or after maturity is bound to pay the amount thereof to the holder on demand.

In default of such payment as aforesaid, such maker or acceptor is bound to compensate any party to the note or bill for any loss or damage sustained by him and caused by such default.

Where this provision sits

ActThe Negotiable Instruments Act, 1881
Section32
Marginal noteLiability of maker of note and acceptor of bill.
JurisdictionCentral
StatusIn force as published by the source

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