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The rule in Section 45 of the Negotiable Instruments Act, 1881 applies when the holder stands in:

Section 45 limits this reduction to a holder "standing in immediate relation" with the signer. It applies where the failed non-money portion is ascertainable in money…

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The rule in Section 45 of the Negotiable Instruments Act, 1881 applies when the holder stands in:

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Section 45 limits this reduction to a holder "standing in immediate relation" with the signer. It applies where the failed non-money portion is ascertainable in money without collateral enquiry, rather than automatically defeating a remote holder's claim.

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