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Bare acts > Negotiable Instruments Act, 1881 > Section 40
 
   


 

40. Discharge of endorser’s liability.- Where the holder of a negotiable instrument, without the consent of the endorser, destroys or impairs the endorser’s remedy against a prior party, the endorser is discharged from liability to the holder to the same extent as if the instrument had been paid at maturity.

Illustration

A is the holder of a bill of exchange made payable to the order of B, which contains the following endorsements in blank

First endorsement, “B”.

Second endorsement, “Peter Williams”.

Third endorsement, “Wright & Co.”.

Fourth endorsement “John Rozario”.


This bill A puts in suit against John Rozarlo and strikes out, without John Rozario’s consent, the endorsements by Peter Williams and Wright & Co. A is not entitled to recover anything from John Rozario.

 

 

 

 

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