NIA 56 — Indorsement for part of sum due

Negotiable Instruments Act, 1881

Statutory text

No  writing  on a  negotiable  instrument  is  valid  for  the
purpose of negotiation if such writing purports to transfer only a part of the amount appearing to be due
on the instrument; but where such amount has been partly paid, a note to that effect may be indorsed on the instrument, which may then be negotiated for the balance.

Back to NIA