Explain this Who is the drawer? who is the drawee? Cancellation of endorsement: Where the holder of a negotiable instrument, without the consent of the endorser, destroys or impairs the endorserâ??s remedy against a prior party, the endorser is discharged from liability to the holder to the same extent as if the instrument had been paid at maturity (Sec.40)
All these are explained in class and notes. If you have a specific doubt, pls let us know.
Okay sir thank you