Page:United States Statutes at Large Volume 76A.djvu/355

–259– -259§ 4522. Method of acceptance for honor An acceptance for honor supra protest must be in writing, and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor. § 4523. Honor of drawer; presumption Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. § 4524. Liability of acceptor The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted. § 4525. Agreement of acceptor The acceptor for honor by such acceptance engages that he will on due presentment pay the bill according to the terms of his acceptance; provided, it shall not have been paid by the drawee; and provided, also, that it shall have been duly presented for payment and protested for nonpayment and notice of dishonor given him. § 4526. Maturity of sight bill accepted for honor Where a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for nonacceptance and not from the date of the acceptance for honor. § 4527. Protest after acceptance Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for nonpayment before it is presented for payment to the acceptor for honor or referee in case of need. § 4528. Presentment for payment to acceptor Presentment for payment to the acceptor for honor must be made as follows: (1) if it is to be presented in the place where the protest for nonpayment was made, it must be presented not later than the day following its maturity; (2) if it is to be presented in some other place than the place where it was protested, then it must be forwarded within the time specified by section 4436 of this title. § 4529. Excuse for delay in making presentment Section 4412 of this title applies where there is delay in making presentment to the acceptor for honor or referee in case of need. § 4530. Dishonor by acceptor for honor When the bill is dishonored by the acceptor for honor it must be protested for nonpayment by him. Article F—Payment for Honor § 4541. Persons who may make payment for honor Where a bill has been protested for nonpayment, any person may intervene and pay it supra protest for the honor of any person liable thereon or for the honor of the person for whose account it was drawn. § 4542. Formalities The payment for honor supra protest in order to operate as such and not as a mere voluntary payment must be attested by a notarial act of honor which may be appended to the protest or form an extension to it.

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