Section 45
Partial failure of consideration not consisting of money.
The Negotiable Instruments Act, 1881
About this Act
An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.
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.