In the absence of a contract to the contrary, whoever indorses and delivers a negotiable instrument before maturity without, in such it indorsement, expressly excluding or making conditional his own liability, is bound thereby to every subsequent holder, in case of dishonour by the drawee, acceptor or maker, to compensate such holder for any loss or damage caused to him by such dishonour, provided due notice of dishonour has been given to, or received by, such indorser as hereinafter provided.
Every indorser after dishonour is liable as upon an instrument payable on demand.
Every indorser after dishonour is liable as upon an instrument payable on demand.
India Code, Government of India. Text fetched 09 Oct 2026. Source metadata reports last modification: 2018-04-16. Check the linked official text and subsequent notifications when applying a provision.