Section 115 - Drawee in case of need, Section 116 - Acceptance and payment without protest : Negotiable Instruments Act 1881

What is Drawee in case of need? What is Acceptance and payment without protest? Drawee in case of need and Acceptance and payment without protest are defined under Section 115 and 116 of Negotiable Instruments Act 1881

 

 

Section 115 of Negotiable Instruments Act 1881: "Drawee in case of need"

Where a drawee in case of need is named in a bill of exchange, or in any indorsement thereon, the bill is not dishonoured until it has been dishonoured by such drawee.

 

Section 116 of Negotiable Instruments Act 1881: "Acceptance and payment without protest"

A drawee in case of need may accept and pay the bill of exchange without previous protest.