Acceptance for honor; how made

An acceptance for honor supra protest must be in writing and indicate that it is an acceptance for honor and must be signed by the acceptor for honor. [Section 162, Negotiable Instruments Law]

When deemed to be an acceptance for honor of the drawer

Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. [Section 163, Negotiable Instruments Law]

Liability of the acceptor for honor

The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted. [Section 164, Negotiable Instruments Law]

Agreement of acceptor for honor

The acceptor for honor, by such acceptance, engages that he will, on due presentment, pay the bill according to the terms of his acceptance provided it shall not have been paid by the drawee and provided also that it shall have been duly presented for payment and protested for non-payment and notice of dishonor given to him. [Section 165, Negotiable Instruments Law]

Maturity of bill payable after sight; accepted for honor

Where a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for non-acceptance and not from the date of the acceptance for honor. [Section 166, Negotiable Instruments Law]

Protest of bill accepted for honor, and so forth

Where a dishonored bill has been accepted for honor supra protest or contains a referee in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or referee in case of need. [Section 167, Negotiable Instruments Law]

Presentment for payment to acceptor for honor, how made

Presentment for payment to the acceptor for honor must be made as follows:

1. If it is to be presented in the place where the protest for non-payment was made, it must be presented not later than the day following its maturity.

2. If it is to be presented in some other place than the place where it was protested, then it must be forwarded within the time specified in Section 104. [Section 168, Negotiable Instruments Law]

When delay in making presentment is excused

The provisions of Section 81 apply where there is delay in making presentment to the acceptor for honor or referee in case of need. [Section 169, Negotiable Instruments Law]

Dishonor of bill by acceptor for honor

When the bill is dishonored by the acceptor for honor, it must be protested for non-payment by him. [Section 170, Negotiable Instruments Law]

Sec. 48. Acceptance For Honor

Acceptance for honor consists in the acceptance of a protested, not

overdue bill by one who is not the drawee thereof nor other party liable

thereon, for the honor of some other party thereto.

Acceptance for honor consists likewise in a lending of credit. One who

accepts for honor differs from one who accepts for another's

accommodation in this respect. An accommodation acceptor is the

drawee named in the bill. He accepts for some other person's benefit but

the bill was drawn on him that he might so accept it. But an acceptor for

honor is one who is no party to the bill, but becomes such by intervention,

and who volunteers to assume the place of the drawee of such bill, and to

do what such drawee should have done or was expected to do.

An acceptance may be for the honor of any one on the bill, but it is

presumed, if not otherwise stated, to be for the honor of the drawer.

The acceptance for honor may be for part only of the sum for which the bill

is drawn. It must state that it is for honor and be signed by the acceptor for

honor.

The acceptor for honor becomes liable to all parties who are

subsequent to the party for whose honor the acceptance is made.

The bill so accepted must be presented to the drawee when due for

payment and protested for non-payment before the acceptor for honor can

be made to pay it. This is true although there may be small hope that the

drawee will pay it, as he has already refused to accept it when it was

presented to him for that purpose.

The acceptor for honor will be discharged unless the bill is presented to

him for payment within one day after its maturity, or if he resides in some

other place unless it is put in the mails within twenty-four hours after such

date of maturity.In connection with this Section read Sections 161-170 in

Appendix A.

Acceptance for honor is also called acceptance supra protest.