Negotiable Instruments Act, 1881
Section - 121 - Estoppel against denying capacity of payee to indorse
Estoppel against denying capacity of payee to indorse.
121. No maker of a promissory note and no acceptor of a bill of exchange payable to order shall, in a suit thereon by a holder in due course, be permitted to deny the payee's capacity, at the rate of the note or bill, to indorse the same.
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