Major Port Trusts Act : Indorser of security not liable for amount thereof. Indian Bare Acts :

Major Port Trusts Act,1963

Act No : 38

Section : Indorser of security not liable for amount thereof.

71. Indorser of security not liable for amount thereof. Notwithstanding anything in the Negotiable Instruments Act 1881, (26 of 1881) a person shall not by reason only of his having indorsed any Port Trust security be liable to pay any money due, either as principal or as interest, thereunder.