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Under the Negotiable Instruments Act, 1881, when the liability of the indorser is excluded:

Under s.52 NI Act, the indorser may by express words "exclude his own liability thereon", as by indorsing "without recourse" (illustration (a)). Once excluded, he is not…

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Under the Negotiable Instruments Act, 1881, when the liability of the indorser is excluded:

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Correct answer B

Under s.52 NI Act, the indorser may by express words "exclude his own liability thereon", as by indorsing "without recourse" (illustration (a)). Once excluded, he is not liable to later holders, even if the drawer defaults.

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