Negotiable Instruments Act, 1881
Section - 117 - Rules as to compensation
CHAPTER XII
OF COMPENSATION
Rules as to compensation.
117. The compensation payable in case of dishonour of a promissory note, bill of exchange or cheque, by any party liable to the holder or any indorsee, shall be determined by the following rules :-
| (a) | - | The holder is entitled to the amount due upon the instrument, together with the expenses properly incurred in presenting, noting and protesting it; |
| (b) | - | When the person charged resides at a place different from that at which the instrument was payable, the holder is entitled to receive such sum at the current rate of exchange between the two places; |
| (c) | - | An indorser who, being liable, has paid the amount due on the same is entitled to the amount so paid with interest at [eighteen] per centum per annum from the date of payment until tender or realization thereof, together with all expenses caused by the dishonour and payment; |
| (d) | - | .... To read the full section download the app from Google Play store
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