BILLS OF EXCHANGE ACT 1909 - SECT 70 Acceptance for honour supra protest

BILLS OF EXCHANGE ACT 1909 - SECT 70

  (1)   Where a bill of exchange has been protested for dishonour by non - acceptance, or protested for better security, and is not overdue, any person, not being a party already liable thereon, may, with the consent of the holder, intervene and accept the bill supra protest, for the honour of any party liable thereon, or for the honour of the person for whose account the bill is drawn.

  (2)   A bill may be accepted for honour for part only of the sum for which it is drawn.

  (3)   An acceptance for honour supra protest in order to be valid must:

  (a)   be written on the bill, and indicate that it is an acceptance for honour; and

  (b)   be signed by the acceptor for honour.

  (4)   Where an acceptance for honour does not expressly state for whose honour it is made, it is deemed to be an acceptance for the honour of the drawer.

  (5)   Where a bill payable after sight is accepted for honour, its maturity is calculated from the date of the noting for non - acceptance, and not from the date of the acceptance for honour.