Law: Negotiable Instruments Act (XXVI of 1881)

Section: 20

JUDGMENT

This is a suit for the recovery of Rs. 1,40,504.13; against the defendants jointly and severally. The facts leading to the filing of the suit as disclosed in the plaint are that the defendants Nos. 1 to 7 signed and delivered to the plaintiff an incomplete negotiable instrument purporting . to be a joint and several promissory note in the sum of Rs. 1,50;000, carrying interest thereon at 3 % above the current bank rate subject to the minimum of 7 % with monthly rests. It has been averred that the plaintiffs were entitled to insert and complete the said instrument and in fact they did complete the same on 1=3-66 with the concurrence of the defendants when the borrowers along with their guarantors (the defendants Nos. 8 and 9) called on the plaintiff on 1-3-66. It has further, been averred that the defendants Nos. 8 and 9 executed simultaneously on 1-3-66 letters of guarantee undertaking the payment of the dues to defendant No: 1. It has also been averred that defendant No. 8's liability was to the extent of Rs. 35,000, while the liability of the other surety i: e. defendant No. 9 was for all'the sums owing to the, plaintiff by the defendant No. 1, up to the amount'of Rs. 15,000. It has also