Prior party a principal in respect of each subsequent party
अध्याय 3: वचन-पत्रों, विनिमय-पत्रों और चेकों के पक्षकार
यह India Code पर उपलब्ध आधिकारिक अंग्रेज़ी पाठ है। आधिकारिक हिंदी पाठ बाद में जोड़ा जाएगा। धारा का शीर्षक भी अभी आधिकारिक अंग्रेज़ी में है।
As between the parties so liable as sureties, each prior party is, in the absence of a contract to the contrary, also liable thereon as a principal debtor in respect of each subsequent party.
Illustration.
A draws a bill payable to his own order on B, who accepts. A afterwards indorses the bill to C, C to D, and D to E. As between E and B, B is the principal debtor, and A, C and D are his sureties. As between E and A, A is the principal debtor, and C and D are his sureties. As between E and C, C is the principal debtor and D is his surety.
परक्राम्य लिखत अधिनियम, 1881 (1881 का अधिनियम संख्यांक 26). India Code के अद्यतन पाठ से, बाद के संशोधनों सहित। आधिकारिक प्रति से मिलान जारी है; संशोधन नोट अभी नहीं दिखाए गए।