Liability of acceptor for honour
Full Text
Liability of acceptor for honour.—An acceptor for honour binds himself to all parties subsequent to the party for whose honour he accepts to pay the amount of the bill if the drawee do not; and such party and all prior parties are liable in their respective capacities to compensate the acceptor for honour for all loss or damage sustained by him in consequence of such acceptance.
But an acceptor for honour is not liable to the holder of the bill unless it is presented, or (in case the address given by such acceptor on the bill is a place other than the place where the bill is made payable) forwarded for presentment, not later than the day next after the day of its maturity.
Plain English Summary
Defines the conditional liability of an acceptor for honour to subsequent parties upon drawee's default, and grants them full indemnity against prior parties.
Key Legal Elements
- Acceptor for honour is conditionally liable to parties subsequent to party honoured
- Liability arises only if the drawee defaults in payment
- Entitled to full compensation from party honoured and prior parties
- Holder must present or dispatch bill to acceptor for honour no later than the day after maturity
Practical Note
The acceptor for honour is not a primary debtor; their liability is secondary and conditional on two things: (1) drawee failing to pay at maturity, and (2) timely presentment to the acceptor for honour no later than the day after maturity.
हिंदी पाठ
साखार्थ प्रतिग्रहीता का दायित्व।—साखार्थ प्रतिग्रहीता उस पक्षकार के, जिसके साखार्थ उसने प्रतिग्रहण किया है, पश्चात्वर्ती सभी पक्षकारों के प्रति यह वचनबद्ध होता है कि यदि द्रावी भुगतान नहीं करेगा तो वह बिल की राशि का संदाय करेगा; और वह पक्षकार तथा सभी पूर्ववर्ती पक्षकार साखार्थ प्रतिग्रहीता को ऐसे प्रतिग्रहण के परिणामस्वरूप हुए किसी भी नुकसान या क्षति की भरपाई करने के लिए अपनी-अपनी हैसियत में दायी होते हैं।
किंतु साखार्थ प्रतिग्रहीता बिल के धारक के प्रति तब तक दायी नहीं होता जब तक कि वह बिल उसकी परिपक्वता के अगले दिन से अनधिक समय में प्रस्तुत न किया जाए, या (यदि बिल पर साखार्थ प्रतिग्रहीता द्वारा दिया गया पता उस स्थान से भिन्न है जहां बिल देय है) उपस्थापन के लिए अग्रेषित न किया जाए।