Negotiable Instruments Act 15 Of Bills in Sets

A 'Bare act' is the actual legislation passed by the Parliament of India. Generally, an act sets out the high level legal and policy principles applicable to the subject matter of the law.

Most acts are accompanied by 'subsidiary legislation' such as rules, regulations, notifications and orders; which address the actual implementation detail of the act.

Negotiable Instruments Act, 1881

Chapter XV – Of Bills in Sets

Section 132 – Set of bills

Bills of exchange may be drawn in parts, each part being numbered and containing a provision that it shall continue payable only so long as the others remain unpaid. All the parts together make a set; but the whole set constitutes only one bill, and is extinguished when one of the parts, if a separate bill, would be extinguished.

Exceptions

When a person accepts or indorses different parts of the bill in favour of different persons, he and the subsequent indorsers of each part are liable on such part as if it were a separate bill.

Section 133 – Holder of first acquired part entitled to all

As between holders in due course of different parts of the same set, he who first acquired title to his part is entitled to the other parts and the money represented by the bill.

Important Central Acts in Regional Languages

Legislative department website also features regional language versions of several important Central Acts.

• Assamese
• Bengali
• Gujarati
• Kannada
• Malayalam
• Marathi
• Odia
• Punjabi
• Tamil
• Telugu
• Urdu