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Negotiable instruments

This query is : Resolved 
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(Querist)
23 November 2017 Please explain "Partial failure of consideration not consisting of money" sec. 45
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Amitav

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Amitav (Expert)
24 November 2017 Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that part, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.
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