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The Negotiable Instruments Act, 1881

( ACT NO. XXVI OF 1881 )


Requisites of indorsement
56.(1) Negotiation by indorsement must be of the entire instrument.
(2) An indorsement which purports to transfer to the indorsee only a part of the amount payable, or which purports to transfer the instrument to two or more indorsees severally, is not valid as a negotiation of the instrument; but where such amount has been paid in part, a note to that effect may be indorsed on the instrument, which may then be indorsed for the balance.

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