Section 66Part 2 — Bills of Exchange
Liability of acceptor for honour
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The acceptor for honour of a bill by accepting it engages that the acceptor will, on due presentment, pay the bill according to the tenor of the acceptor’s acceptance, if it is not paid by the drawee, provided it has been duly presented for payment, and protested for non-payment, and that the acceptor receives notice of these facts.
The acceptor for honour is liable to the holder and to all parties to the bill subsequent to the party for whose honour the acceptor has accepted.