A' makes a promissory note in a stamp paper sufficient for Rs.1,00,000 - but without stipulating the amount and the date of making the note. However, lA' actually owes only Rs.75,000 under the instrument. The holder of the said note fill the promissory note for Rs.1,00,000 and endorsed the same to another person Mr. IX'. Does Mr. lA' obligated to pay Rs.1,00,000 to Mr. IX'.
can anyone help me to know the answer with proper section
Holder in due course is fully entitled for Rs.1,00,000/-
how come its a matirial alteration . can u support your answer with some case law?
Undated instrument is not legal. Amount within the limit of stamp can be filled but not the date.
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Nowhere any mention has been made of any alteration. Banks always pass cheques where date is written by different person in different ink
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