Section 90Extinguishment of rights of action on bill in acceptor’s hands

s. 90

90. Extinguishment of rights of action on bill in acceptor’s hands (1) The maker, drawer, acceptor or indorser of a negotiable instrument is discharged from liability thereon when the person liable thereon as principal debtor becomes the holder thereof at or after its maturity. (2) When the holder of an accepted bill of exchange enters into any contract with the acceptor of the nature referred to in section 39, the other parties are discharged, unless the holder has expressly reserved his right to charge them.