Honour in United Kingdom

Definition of Acceptance For Honour

In accordance with the work A Dictionary of Law, this is a description of Acceptance For Honour : (acceptance supra protest, acceptance for honour)

A form of *acceptance of a bill of exchange to save the good name of the drawer or an endorser. If a bill of exchange has been either the subject of a *protest for dishonour by nonacceptance or protested for better security, and it is not overdue, any person who is not already liable on the bill may. with the consent of the holder. accept the bill supra protest. Such an acceptance must be written on the bill. indicate that it is an acceptance for honour, and be signed. The acceptor for honour engages that he will pay the bill on due presentment if it is not paid by the drawee, provided that it has been duly presented for payment and protested for nonpayment and that he receives notice of these facts. He is liable to the holder and to all parties to the bill subsequent to the party for whose honour he accepted.