Under the Act, the liability of the parties on a negotiable instrument is generally what among the prior parties and the holder?

Under the Negotiable Instruments Act, the maker, drawer, acceptor and endorsers of a negotiable instrument are jointly and severally liable to the holder. This means the holder can recover the amount from any one or more of the liable parties or all of them together. Each party who pays may have a right of recourse against prior parties. This joint and several liability strengthens the security of negotiable instruments and the holder's ability to recover the amount.