law: Negotiable Instruments Act, 1881 
  43. Negotiable instrument made, etc. without consideration
  
   
  A negotiable instrument made, drawn, accepted, endorsed, or
  
  transferred without consideration, or for a consideration which fails, creates
  
  no obligation of payment between the parties to the transaction. But if any
  
  such party has transferred the instrument with or without endorsement to a
  
  holder for a consideration, such holder, and every subsequent holder deriving
  
  title from him, may recover the amount due on such instrument from the
  
  transferor for consideration or any prior party thereto.
  Exception I:  No party for whose accommodation a negotiable
  
  instrument has been made, drawn, accepted or endorsed can, if he has paid the
  
  amount thereof, recover thereon such amount from any person who became a party
  
  to such instrument for his accommodation.
  Exception II:  No party to the instrument who has induced any
  
  other party to make draw, accept, endorse or transfer the same to him for a
  
  consideration which he has failed to pay or perform in full shall recover
  
  therein an amount exceeding the value of the consideration (if any) which he
  
  has actually paid or performed.