NIA 37 — Maker, drawer and acceptor principals

Negotiable Instruments Act, 1881

Statutory text

The maker of a promissory note or cheque, the drawer of
a  bill  of  exchange  until  acceptance,  and  the  acceptor  are,  in  the  absence  of  a  contract  to  the  contrary,
respectively liable thereon as principal debtors, and the other parties thereto are liable thereon as sureties for the maker, drawer or acceptor, as the case may be.

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