Instrument acquired after dishonour or when overdue

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....due. 59. The holder of a negotiable instrument, who has acquired it after dishonour, whether by non-acceptance or non-payment, with notice thereof, or after maturity, has only, as against the other....

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.... prior party. Illustration The acceptor of a bill of exchange, when he accepted it, deposit­ed with the drawer certain goods as a collateral security for the payment of the bill, with power ....