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Under the Negotiable Instruments Act, 1881, the drawer of a bill of exchange until acceptance is:

Section 37 makes the drawer of a bill of exchange "until acceptance" liable as principal debtor. Once the bill is accepted, the acceptor becomes the principal debtor and the…

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Under the Negotiable Instruments Act, 1881, the drawer of a bill of exchange until acceptance is:

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Correct answer A

Section 37 makes the drawer of a bill of exchange "until acceptance" liable as principal debtor. Once the bill is accepted, the acceptor becomes the principal debtor and the drawer is liable as his surety.

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