Section 45 - Partial failure of consideration not consisting of money, Section 45A - Holder's right to duplicate of lost bill : Negotiable Instruments Act 1881

What is Partial failure of consideration not consisting of money? What is Holder's right to duplicate of lost bill? Partial failure of consideration not consisting of money and Holder's right to duplicate of lost bill are defined under Section 45 and 45A of Negotiable Instruments Act 1881

 

 

Section 45 of Negotiable Instruments Act 1881: "Partial failure of consideration not consisting of money"

Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is uncertainable in money without collateral enquiry, and there has been a failure of that part, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.

 

Section 45A of Negotiable Instruments Act 1881: "Partial failure of consideration not consisting of money Holder's right to duplicate of lost bill"

Where a bill of exchange has been lost before it is overdue, the person who was the holder of it may apply to the drawer to give him another bill of the same tenor, giving security to the drawer, if required, to indemnify him against all persons whatever in case the bill alleged to have been lost shall be found again.

If the drawer on request as aforesaid refuses to give such duplicate bill, he may be compelled to do so