Acceptance not specifying for whose honour it is made
Full Text
Acceptance not specifying for whose honour it is made.—Where the acceptance does not express for whose honour it is made it shall be deemed to be made for the honour of the drawer.
Plain English Summary
Establishes a statutory presumption that an acceptance for honour is made on behalf of the drawer if no specific party is named.
Key Legal Elements
- Acceptance for honour is general or ambiguous
- No specific party named in the writing
- Statutory presumption deems it made for the honour of the drawer
Practical Note
Provides legal certainty in commercial dealings. If an intervenor signs accepted supra protest without naming an endorser, the law automatically ties the intervention to the drawer, preserving recourse against the drawer while discharging subsequent endorsers from liability to the acceptor.
हिंदी पाठ
प्रतिग्रहण जिसमें यह विनिर्दिष्ट न हो कि वह किसके साखार्थ किया गया है।—जहां प्रतिग्रहण में यह अभिव्यक्त नहीं किया गया है कि वह किसके साखार्थ किया गया है, वहां यह माना जाएगा कि वह आहर्ता के साखार्थ किया गया है।