A material alteration shall discharge all parties who are liable on the instruments at the time of alteration and who do not consent to such alteration. But an alteration shall not affect the liability of persons becoming parties subsequent to the alteration. Besides this, section-89 provides that where a negotiable instruments has been materially altered but does not appear to have been so altered, payment thereof (a) by a person or banker liable to pay (b) paying the same in good faith and (c) according to the apparent tenor thereof and without negligence, shall discharge such person or banker from all liability thereon.
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