NIA 121 — Estoppel against denying capacity of payee to indorse

Negotiable Instruments Act, 1881

Statutory text

No maker of a promissory note and
no acceptor of a bill of exchange

[payable to order] shall, in a suit thereon by a holder in due course, be permitted to deny the payee's capacity, at the date of the note or bill, to indorse the same.

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