Dear friends,
As per sec 26 of the Neg Ins. Act,1881,a minor can draw ,deliver,endorse and negotiate negotiable instrument but cannot be held liable for dishonour of the instrument.
Eg... M draws a cheque in favour of N, a minor. N endorses it to F. The instrument gets dishonoured. Rights of Mr.F?
Here.... P can proceed against Mr. M but not against N (minor).
Master Stroke:- Mr. Thomas Edison Failed 17,000 times in his experiment to invent bulb.
CAclubindia
