alteration of bill of exchange

alteration of bill of exchange

where a bill of exchange or acceptance is materially altered without the assent of all parties liable on the bill, the bill is avoided except against the party who made, authorized or assented to the alteration (and subsequent indorsers). However, where a bill has been materially altered but the alteration is not apparent and the bill is in the hands of a holder in due course, such a holder may treat the bill as if it had not been altered and may enforce payment of it according to its original tenor. Alterations of the date, sum payable and time and place of payment are material alterations.
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