BILLS OF EXCHANGE ACT 1909 - SECT 73 Payment for honour supra protest
BILLS OF EXCHANGE ACT 1909 - SECT 73
Payment for honour supra protest(1) Where a bill has been protested for non - payment, any person may intervene and pay it 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) Where two or more persons offer to pay a bill for the honour of different parties, the person whose payment will discharge most parties to the bill shall have the preference.
(3) Payment for honour supra protest, in order to operate as such and not as a mere voluntary payment, must be attested by a notarial act of honour, which may be appended to the protest or form an extension of it.
(4) The notarial act of honour must be founded on a declaration made by the payer for honour, or his or her agent in that behalf, declaring his or her intention to pay the bill for honour, and for whose honour he or she pays.
(5) Where a bill has been paid for honour, all parties subsequent to the party for whose honour it is paid are discharged, but the payer for honour is subrogated for, and succeeds to both the rights and duties of, the holder as regards the party for whose honour he or she pays, and all parties liable to that party.
(6) The payer for honour, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonour, is entitled to receive both the bill itself and the protest. If the holder do not on demand deliver them up, he or she shall be liable to the payer for honour in damages.
(7) Where the holder of a bill refuses to receive payment supra protest, he or she shall lose his or her right of recourse against any party who would have been discharged by such payment.