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Negotiable Instruments Act, 1881 40. Discharge of endorser's liability Where the holder of a negotiable instrument, without the consent of the endorser, destroys or impairs the endorser's remedy against a prior party, the endorser is discharged from liability to the holder to the same extent as if the instrument had been paid at maturity. Illustration A is the holder of a bill of exchange made payable to the order of B, which contains the following endorsements in blank- First endorsement, "B". Second endorsement, "Peter Williams". Third endorsement, "Wright & Co.". Fourth endorsement "John Rozario". This bill A puts in suit against John Rozario and strikes out, without John Rozario's consent, the endorsements by Peter Williams and Wright & Co. A is not entitled to recover anything from John Rozario.    |
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