Negotiable Instruments Act Section 132 — Set of bills
CHAPTER XV O F B I L L S I N S E T S
General
Summary
A bill of exchange can be written out in several numbered parts, and each part must state that it is only payable while the other parts remain unpaid. Together, all these parts form one single bill, and the entire bill is finished when any one part would have been finished if it were a separate bill. However, if someone accepts or endorses different parts to different people, then that person and everyone who later endorses each part are responsible for that part as if it were its own separate bill.
Official Text
Bills of exchange may be drawn in parts, each part being numbered and containing a provision that it shall continue payable only so long as the others remain unpaid. All the parts together make a set; but the whole set constitutes only one bill, and is extinguished when one of the parts, if a separate bill, would be extinguished. Exception.—When a person accepts or indorses different parts of the bill in favour of different persons, he and the subsequent endorsers of each part are liable on such part as if it were a separate bill.