P A R T I E S T O N O T E S, B I L L S A N D C H E Q U E S .
Section 45: Partial failure of consideration not consisting of money.
Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that part, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.