NI Act 38अध्याय III · Parties to Notes, Bills and Cheques
धारा 38 · Prior party a principal in respect of each subsequent party
अक्षर आकार — स्तर 1, कुल 4 में से
As between the parties so liable
as sureties, each prior party is, in the absence of a contract to the contrary, also liable thereon as a
principal debtor in respect of each subsequent party.
Illustration
A draws a bill payable to his own order on B, who accepts. A afterwards indorses the bill to C, C to D, and D to E. As between E and B, B is the principal debtor, and A, C and D are his sureties. As between E and A, A is the principal debtor, and C and D are his sureties. As between E and C, C is the principal debtor and D is his surety.
Illustration
A draws a bill payable to his own order on B, who accepts. A afterwards indorses the bill to C, C to D, and D to E. As between E and B, B is the principal debtor, and A, C and D are his sureties. As between E and A, A is the principal debtor, and C and D are his sureties. As between E and C, C is the principal debtor and D is his surety.
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