35: Liability of indorser
The Negotiable Instruments Act · Federal Acts · Chapter III · in_force
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[In the absence of a contract to the contrary, the indorser of a negotiable instrument, by indorsing it, engages that on due presentment it shall be accepted and paid according to its tenor and that if it be dishonoured he will compensate the holder or subsequent indorser who is compelled to pay it for any loss or damage caused to him by such dishonour.] Every indorser after dishonour is liable as upon an instrument payable on demand.
Effective date: 1881-12-09
Related sections
34: Acceptance by several drawees not partners36: Liability of prior parties to holder in due course33: Only drawee can be acceptor except in need or for honour37: Maker, drawer and acceptor principals32: Liability of maker of note and acceptor of bill38: Prior party a principal in respect on each subsequent party
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