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of <h1>Acceptance for Honour Explained: Section 108 of the Negotiable Instruments Act Allows Third-Party Acceptance with Holder's Consent.</h1> When a bill of exchange is noted or protested due to non-acceptance or for obtaining better security, any individual who is not already liable on the bill may accept it for the honour of any party involved, provided they have the consent of the holder. This acceptance must be documented in writing on the bill itself. This provision is outlined under Section 108 of the Negotiable Instruments Act, 1881, which addresses acceptance and payment for honour and reference in case of need.
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