Section 90
Extinguishment of rights of action on bill in acceptors’ hands
Chapter 7: Of discharge from liability on notes, bills and cheques
If a bill of exchange which has been negotiated is, at or after maturity, held by the acceptor in his own right, all rights of action thereon are extinguished.
The Negotiable Instruments Act, 1881 (Act No. 26 of 1881). From the updated text on India Code, with later amendments. Being checked against the official copy; amendment notes are not shown yet.
Related sections
- 85Cheque payable to order
- 85ADrafts drawn by one branch of a bank on another payable to order
- 86Parties not consenting discharged by qualified or limited acceptance
- 87Effect of material alteration
- 88Acceptor or indorser bound notwithstanding previous alteration
- 89Payment of instrument on which alteration is not apparent