Negotiable Instruments Act : Partial failure of consideration not consisting of money. Indian Bare Acts

Negotiable Instruments Act,1881

Act No : 26

Section : Partial failure of consideration not consisting of money.

45.Partial failure of consideration not consisting of money. Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that part, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.