Payment for honour
Full Text
Payment for honour.—When a bill of exchange has been noted or protested for non-payment, any person may pay the same for the honour of any party liable to pay the same: provided that the person so paying or his agent in that behalf has previously declared before a notary public the party for whose honour he pays, and that such declaration has been recorded by such notary public.
Plain English Summary
Allows any person to pay a protested bill for the honour of a liable party, provided they formally declare before a notary the party being honoured.
Key Legal Elements
- Bill must be noted or protested for non-payment
- Any person may pay for honour
- Prior declaration before a notary public specifying party honoured is mandatory
- Notary must record the declaration
Practical Note
Strict notarization requirement. A voluntary payer who pays off a bill without first getting their declaration recorded before a notary public will be treated under general contract law as a mere volunteer and cannot claim statutory subrogation under Section 114.
हिंदी पाठ
साखार्थ संदाय।—जब किसी विनिमय-पत्र का असंदाय के लिए टिप्पण या प्रत्याख्यान कराया जा चुका हो, तब कोई भी व्यक्ति उसका संदाय करने के लिए दायी किसी भी पक्षकार के साखार्थ उसका संदाय कर सकता है: परंतु यह तब जब कि इस प्रकार संदाय करने वाले व्यक्ति ने या उसकी ओर से उसके अभिकर्ता ने किसी नोटरी पब्लिक के समक्ष पहले यह घोषित कर दिया हो कि वह किसके साखार्थ संदाय कर रहा है, और ऐसी घोषणा उस नोटरी पब्लिक द्वारा अभिलिखित कर ली गई हो।