On a bil of exchange for rs. 10,000 , Sumit's acceptance to the bill is forge. Amit takes the bill from his customer in good faith and for consideration before the bill becomes payable . State the reasons wether amit can receive the amount of the bill from sumit?
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negotiable instrument , please reply asap
Replies (1)
Based on the Quetion
With Reference to Seciton 58 Of the Act
58.Instrument obtained by unlawful means or for unlawful
consideration. When a negotiable instrument has been lost, or has been
obtained from any maker, acceptor or holder thereof by means of an
offence or fraud, or for an unlawful consideration, no possessor or
indorsee who claims through the person who found or so obtained the
instrument is entitled to receive the amount due thereon from such
maker, acceptor or holder, or from any party prior to such holder,
unless such possessor or indorsee is, or some person through whom he
claims was, a holder thereof in due course.
If Amit has taken the Bill in Due course, He can entitle the amount from the Acceptor or the Drawer.
Santosh.
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