Section 139(b) in Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
(b)C lends money to B on the security of a joint and several promissory note made in C's favour by B and by A as surety for B, together with a bill of sale of B's furniture, which gives power to C to sell the furniture and apply the proceeds in discharge of the note. Subsequently C sells the furniture, but owing to his misconduct and wilful negligence, only a small price is realised. A is discharged from liability on the note.
