An alteration of a written instrument is a change in language of the instrument that is made by one of the parties to the instrument who is entitled to make the change. Any material alteration of a written instrument, after its execution, made by the owner or holder of the instrument, without the consent of the party to be charged, renders the instrument void as to the nonconsenting party. The party to be charged refers to that party or parties against whom enforcement of a contract or instrument is sought.
If a party consents to the alteration, the instrument will not be rendered invalid as to that party.
Montana Ratification of the Alteration of an Instrument Which Was Made after Execution by the Party to be Charged
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A drawer or an indorser will be liable only if the party that is primarily responsible for paying the instrument refuses to do sothat is, dishonors the instrument. To refuse to accept or pay a draft or a promissory note when it is properly presented.
Section 13 in The Negotiable Instruments Act, 1881. 13. '' Negotiable instrument.1 (1) A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer. Explanation (i).
Until the instrument is duly satisfied, every prior party to a negotiable instrument has a liability towards the holder in due course. The prior parties include the maker or drawer, the acceptor and all the intervening endorsers. Also, there liability to a holder in due course is joint and several.
LIABILITY OF THE DIRECTORS IN CASE OF DISHONOUR Such a person is vicariously liable to be held guilty for the offence under Section 138 and penalized as a result of a deeming provision in Section 141.
Where an instrument may be construed either as a promissory note or bill of exchange, the holder may at his election treat it as either and the instrument shall be thenceforward treated accordingly.
Indorser warranties make the indorser (signor) of an instrument secondarily liable to a holder. That is, the indorser is liable to pay an instrument that has been dishonored. An indorser who pays the instrument is left to seek reimbursement from a prior indorser or anyone who transferred the instrument to her.
Liability of Primary Parties Two parties are primarily liable: the maker of a note and the acceptor of a draft. They are required to pay by the terms of the instrument itself, and their liability is unconditional.
There are two main types of liability on a negotiable instrument - primary and secondary liability. The maker of a note and drawee of a draft are primarily liable to pay the instrument. Parties who later sign, transfer, or present an instrument may be secondarily liable to pay the instrument.
UCC § 3-411(1). The drawer of a draft drawn on a bank or other party is only secondarily liable on the instrument. Someone other than the drawer is expected to pay. The holder must make an attempt to collect elsewhere before the drawer must pay.
