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of <h1>Indorser Can Exclude Liability Under Section 52 of Negotiable Instruments Act, 1881, Using Express Words in Indorsement.</h1> Section 52 of the Negotiable Instruments Act, 1881, allows an indorser to exclude their liability on a negotiable instrument through express words in the indorsement. The indorser can also make their liability or the indorsee's right to receive payment conditional on a specified event. If the indorser excludes liability and later becomes the holder of the instrument, all intermediate indorsers remain liable to them. For example, an indorser who signs 'without recourse' incurs no liability, and if they regain the instrument, they have rights against subsequent indorsers.
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