Party receiving must transmit notice of dishonour
Full Text
Party receiving must transmit notice of dishonour.—Any party receiving notice of dishonour must, in order to render any prior party liable to himself, give notice of dishonour to such party within a reasonable time, unless such party otherwise receives due notice as provided by section 93.
Plain English Summary
Requires any indorser or party who receives a dishonour notice to transmit notice to their prior parties within a reasonable time to preserve recourse.
Key Legal Elements
- Applies to an intermediate party receiving notice of dishonour
- Duty to transmit notice to prior parties to hold them liable
- Must be sent within a reasonable time
- Excused if the prior party has already received notice under Section 93
Practical Note
Creates a chain of notices up the endorsement ladder. Each endorser who is held liable by a subsequent party gets their own reasonable time window to pass notice upstream to protect their right of indemnification and recovery against previous endorsers.
हिंदी पाठ
सूचना प्राप्त करने वाले पक्षकार द्वारा अनादर की सूचना का पारेषण।—अनादर की सूचना प्राप्त करने वाले किसी भी पक्षकार को, अपने से पूर्ववर्ती किसी पक्षकार को अपने प्रति दायी ठहराने के लिए, ऐसे पूर्ववर्ती पक्षकार को युक्तियुक्त समय के भीतर अनादर की सूचना देनी होगी, जब तक कि ऐसे पक्षकार को धारा 93 के उपबंधों के अनुसार अन्यथा सम्यक् सूचना प्राप्त न हो गई हो।