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Section 113 - Payment for honour, Section 114 - Right of payer for honour : Negotiable Instruments Act 1881

 

 

What is Payment for honour? What is Right of payer for honour? Payment for honour and Right of payer for honour are defined under Section 113 and 114 of Negotiable Instruments Act 1881

Section 113 of Negotiable Instruments Act 1881: "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.

 

Section 114 of Negotiable Instruments Act 1881: "Right of payer for honour"

Any person so paying is entitled to all the rights, in respect of the bill, of the holder at the time of such payment, and may recover from the party for whose honour he pays all sums so paid, with interest thereon and with all expenses properly incurred in making such payment.

 

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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