Acceptor for honour binds to pay if drawee defaults, but requires prompt presentment after maturity to be liable to holder. An acceptor for honour binds himself to subsequent parties to pay if the drawee defaults, and prior parties are liable to compensate him for resulting loss; however the acceptor's liability to the holder requires presentation (or forwarding for presentment where the acceptor's address differs from the place of payment) not later than the day following maturity.
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.
Acceptor for honour binds to pay if drawee defaults, but requires prompt presentment after maturity to be liable to holder.
An acceptor for honour binds himself to subsequent parties to pay if the drawee defaults, and prior parties are liable to compensate him for resulting loss; however the acceptor's liability to the holder requires presentation (or forwarding for presentment where the acceptor's address differs from the place of payment) not later than the day following maturity.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
