Negotiable Instruments Act Section 37 — Maker, drawer and acceptor principals
CHAPTER III PARTIES TO NOTES, BILLS AND CHEQUES.
General
Summary
The person who creates a promissory note or cheque, the person who draws a bill of exchange before it is accepted, and the person who accepts a bill are each primarily responsible for paying it, unless there is a different agreement. All other people connected to the instrument are responsible as guarantors, meaning they step in to pay only if the main person fails to do so.
Official Text
The maker of a promissory note or cheque, the drawer of a bill of exchange until acceptance, and the acceptor are, in the absence of a contract to the contrary, respectively liable thereon as principal debtors, and the other parties thereto are liable thereon as sureties for the maker, drawer or acceptor, as the case may be.