Section 123 of BSA : Section 123: Estoppel of acceptor of bill of exchange, bailee or licensee.
BSA
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Explanation using Example
Example 1:
Scenario: Rajesh accepts a bill of exchange from Suresh.
Details: Suresh draws a bill of exchange and Rajesh accepts it, agreeing to pay the amount specified in the bill. Later, Rajesh tries to deny that Suresh had the authority to draw the bill.
Application of Section 123: According to Section 123 of The Bharatiya Sakshya Adhiniyam 2023, Rajesh cannot deny that Suresh had the authority to draw the bill of exchange once he has accepted it. Rajesh is estopped from making such a denial.
Explanation 1 Application: However, Rajesh can claim that the bill was not actually drawn by Suresh,...
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