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of <h1>Holder's Actions Discharge Indorser's Liability Under Section 40 of Negotiable Instruments Act</h1> Section 40 of the Negotiable Instruments Act, 1881, states that if a holder of a negotiable instrument, without the indorser's consent, destroys or impairs the indorser's remedy against a prior party, the indorser is discharged from liability to the holder as if the instrument had been paid at maturity. For example, if a holder sues an indorser and removes previous indorsements without consent, the holder cannot recover from that indorser.
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