Liability of maker and acceptor: obligation to pay at maturity and compensate holders for losses caused by default. The maker of a promissory note and an acceptor of a bill are bound to pay the amount due at maturity according to the instrument's apparent tenor, and an acceptor at or after maturity must pay the holder on demand. In default of such payment, the maker or acceptor is liable to compensate any party to the note or bill for loss or damage sustained and caused by the default.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liability of maker and acceptor: obligation to pay at maturity and compensate holders for losses caused by default.
The maker of a promissory note and an acceptor of a bill are bound to pay the amount due at maturity according to the instrument's apparent tenor, and an acceptor at or after maturity must pay the holder on demand. In default of such payment, the maker or acceptor is liable to compensate any party to the note or bill for loss or damage sustained and caused by the default.
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