Acceptor or indorser bound notwithstanding previous alteration
Full Text
Acceptor or indorser bound notwithstanding previous alteration.—An acceptor or indorser of a negotiable instrument is bound by his acceptance or indorsement notwithstanding any previous alteration of the instrument.
Plain English Summary
Binds an acceptor or indorser to their acceptance or endorsement even if the instrument was altered prior to their signature.
Key Legal Elements
- Applies to an acceptor or indorser of a negotiable instrument
- The party remains strictly bound by their acceptance or indorsement
- Any previous alteration made before their signing does not discharge their liability
Practical Note
Under estoppel principles, a party who accepts or endorses an already altered instrument is deemed to have accepted it in its altered state. They cannot subsequently plead prior material alteration under Section 87 as a defense against subsequent holders.
हिंदी पाठ
पूर्ववर्ती परिवर्तन के बावजूद प्रतिग्रहीता या पृष्ठांकक का आबद्ध होना।—किसी परक्राम्य लिखत का प्रतिग्रहीता या पृष्ठांकक, लिखत में पूर्व में हुए किसी परिवर्तन के बावजूद अपने प्रतिग्रहण या पृष्ठांकन से आबद्ध होता है।