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Negotiable Instruments Act, 1882; S. 138; Security Cheque –The word Security Cheque has been used in the agreement -- The said expression refers to the cheques being towards repayment of installments -- The repayment becomes due under the agreement, the moment the loan is advanced and the installment falls due -- Once the loan was disbursed and installments have fallen due on the date of the cheque as per the agreement, dishonour of such cheques would fall under Section 138 of the Act -- The cheques undoubtedly represent the outstanding liability.
