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SECTION 59 OF NEGOTIABLE INSTRUMENT ACT 1881(PAST YEAR QUESTION MAY CA Intermediate | CA IPCC 2008)

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

‘A’ draws a bill of exchange payable to himself on ‘X’. Who accepts the bill without consideration just to accommodate ‘A’. ‘A’ transfers the bill to ‘P’ for good consideration. State the rights of ‘A’ and ‘P’. Would your answer be different if ‘A’ transferred the bill to ‘P’ after maturity ? sir in the above although 'P" is a holder for consideration but still he got the bill after maturity?AFTER MATURITY NOW BILL IS JUST PIECE OF PAPER SO HOW P CAN SUE 'A' OR 'X'

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Before maturity of bill:- since 'p' is holder in due course he can recover the amount from the prior parties After maturity:- 'p' has no right to receive any amount from prior parties since the bill is transferred after maturity

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keshav commented about 3 years ago

your answer is right of first part but for second part(ie. after maturity) your answer is wrong because in suggested answers it is written that answers will be same as in first part. according to me also your answer is right as after maturity it is just piece of paper.

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