111Liability 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.
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- 108 Acceptance for honour
- 109 How acceptance for honour must be made
- 110 Acceptance not specifying for whose honour it is made
- 111 Liability of acceptor for honour
- 112 When acceptor for honour may be charged
- 113 Payment for honour
- 114 Right of payer for honour
- 115 Drawee in case of need
- 116 Acceptance and payment without protest