Only drawee can be acceptor except in need or for honour
Full Text
Only drawee can be acceptor except in need or for honour.—No person except the drawee of a bill of exchange, or all or some of several drawees, or a person named therein as a drawee in case of need, or an acceptor for honour, can bind himself by an acceptance.
Plain English Summary
States that only the designated drawee, drawee in case of need, or acceptor for honour can accept a bill of exchange and bind themselves.
Key Legal Elements
- Only the drawee of a bill of exchange can bind themselves by an acceptance
- In case of multiple drawees, all or some can accept
- Acceptance can also be done by a named drawee in case of need or an acceptor for honour
Practical Note
Protects the integrity of bills of exchange. A stranger to the instrument cannot accept it to bind himself unless they fall under the legal categories of drawee in case of need or acceptor for honour. Acceptance by an unauthorized stranger is invalid.
हिंदी पाठ
केवल आहारी ही स्वीकारकर्ता हो सकता है सिवाय आवश्यकता होने पर या आदरार्थ।—विनिमय-पत्र के आहारी (drawee), या कई आहारीयों में से सभी या कुछ, या उसमें नामित आवश्यकता के समय के आहारी (drawee in case of need), या आदरार्थ स्वीकर्ता (acceptor for honour) के अतिरिक्त कोई भी व्यक्ति स्वीकृति (acceptance) द्वारा स्वयं को बाध्य नहीं कर सकता है।