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Negotiable Instruments Act, 1881

Section 90: Extinguishment of rights of action on bill in acceptor's hands

Chapter VII — Of Discharge from Liability on Notes, Bills and Cheques

90. If a bill of exchange which has been negotiated is, at or after maturity, held by the acceptor in his own right, all rights of action thereon are extinguished.

Source: official text of the Negotiable Instruments Act, 1881.