Partial absence or failure of money-consideration

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..... y-consideration. 44 . When the consideration for which a person signed a promissory note, bill of exchange or cheque consisted of money, and was originally absent in part or has subsequently faile .....

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..... y agreement stand in immediate relation with a holder. Illustration A draws a bill on B for Rs. 500 payable to the order of A. B accepts the bill, but subsequently dishonours it by non-payment. .....

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