"J accepted the bill of exchange and gave it to K for the purpose of getting it discounted and handling over the proceeds to J.K having failed to discount it returned the bill to J.J tore the bill in two pieces with the intention of cancelling it and threw the pieces in the street.K picked up the pieces and pasted the two pieces together,in such a manner that the bill seemed to have been folded for safe custody rather than cancelled.K put into circulation and it ultimately reached L,who took it into good faith and for value.Is J liable to pay bill under the provisions of the negotiable instrument act,1881?"
please answer me this question with logic...........thanks
CAclubindia
