Negotiable Instruments Act Section 60 — Instrument negotiable till payment or satisfaction
CHAPTER IV OF NEGOTIATION
General
Summary
A negotiable instrument can be passed on to someone else, and that transfer remains valid, until the person who is supposed to pay it actually makes the payment or settles the amount. This rule applies even after the payment date has passed, but only if the payment has not yet been made. Once the payment or settlement is completed, the instrument can no longer be transferred to anyone else. The only people who cannot transfer the instrument after its maturity date are the maker, drawee, or acceptor themselves.
Official Text
A negotiable instrument may be negotiated (except by the maker, drawee or acceptor after maturity) until payment or satisfaction thereof by the maker, drawee or acceptor at or after maturity, but not after such payment or satisfaction. C H A P T E R V O F P R E S E N T M E N T