Chapter III — PARTIES TO NOTES, BILLS AND CHEQUES.

Section 45Partial failure of consideration not consisting of money

Section 45: Partial failure of consideration not consisting of money

45. Partial failure of consideration not consisting of money

Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that part, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.