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Section 111 - Liability of acceptor for honour, Section 112 - When acceptor for honour may be charged : Negotiable Instruments Act 1881

 

 

What is Liability of acceptor for honour? When acceptor for honour may be charged? Liability of acceptor for honour When acceptor for honour may be charged are defined under Section 111 and 112 of Negotiable Instruments Act 1881

Section 111 of Negotiable Instruments Act 1881: "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.

 

Section 112 of Negotiable Instruments Act 1881: "When acceptor for honour may be charged"

An acceptor for honour cannot be charged unless the bill has at its maturity been presented to the drawee for payment, and has been dishonoured by him, and noted or protested for such dishonour.

 

Negotiable Instruments Act 1881

Section 101 - Contents of protest

Section 102 - Notice of protest

Section 103 - Protest for non-payment after dishonour by non-acceptance

Section 104 - Protest of foreign bills

 

 

Section 104A - When noting equivalent to protest

CHAPTER X
OF REASONABLE TIME

Section 105 - Reasonable time

Section 106 - Reasonable time of giving notice of dishonour

Section 107 - Reasonable time for transmitting such notice

CHAPTER XI
OF ACCEPTANCE AND PAYMENT FOR HONOUR AND REFERENCE IN CASE OF NEED

Section 108 - Acceptance for honour

Section 109 - How acceptance for honour must be made

Section 110 - Acceptance not specifying for whose honour it is made

 

 

Section 111 - Liability of acceptor for honour

Section 112 - When acceptor for honour may be charged

Section 113 - Payment for honour

Section 114 - Right of payer for honour

Section 115 - Drawee in case of need

Section 116 - Acceptance and payment without protest

 

 

CHAPTER XII
OF COMPENSATION

Section 117 - Rules as to compensation

CHAPTER XIII
SPECIAL RULES OF EVIDENCE

Section 118 - Presumptions as to negotiable instruments

Section 119 - Presumption on proof of protest

Section 120 - Estoppel against denying original validity of instrument

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