law: Negotiable Instruments Act, 1881 
  32. Liability of maker of note and acceptor of bill 
  In the absence of a contract to the contrary, the maker of a
  
  promissory note and the acceptor before maturity of a bill of exchange are
  
  bound to pay the amount thereof at maturity according to the apparent tenor of
  
  the note or acceptance respectively, and the acceptor of a bill of exchange at
  
  or after maturity is bound to pay the amount thereof to the holder on demand.
  In default of such payment as aforesaid, such maker or acceptor
  
  is bound to compensate any party to the note or bill for any loss or damage
  
  sustained by him and caused by such default.