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or Supra Protest Acceptances for Honor

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ACCEPTANCES FOR HONOR, OR SUPRA PROTEST. When the drawee has refused to accept a bill and protest has been made and notice given to all the parties, any third person may then accept the bill for the honor of one or several parties to the bill. The acceptor after protest (supra protest) should specify for whose honor he accepts it, or it will be presumed to be for the honor of the drawer. The acceptance for honor enures to the benefit of all parties for whose honor it was accepted. (Markham v. Hazen, 48 Ga., 570; I Par sons' N. & B., 313.) The holder is not bound to take an acceptance for honor, but by doing so he loses the right to sue the parties for whose honor it was accepted until maturity, and refusal of payment by the acceptor for honor.

An acceptance for honor is properly made by the acceptor appearing before a notary public and declaring his intention to accept for the honor of some one or more of the parties and subscribing to some such expression of his intention as "accepted for the honor of A." (Daniel, Sec. 523.) The acceptance for honor is not absolute. "In order to make such an acceptor liable, the bill must be again presented to the drawee at maturity, notwithstand ing his refusal to accept, so that he might pay the bill, if he saw reasons for changing his previous determination. If he refuses, the bill should be protested, and then presented to the acceptor for honor. And if the acceptor for honor refuses to pay the bill, it should be again protested, and in this protest all the steps that had been taken to secure the payment of the bill should be stated, and then notice should be given to all the parties for whose honor the bill had been accepted." (Tiede man, Corn. Pap., Sec. 228; i Parsons' N. & B., 320.) The date of maturity will be ascertained from the date of acceptance and not from presentment in case of acceptance for honor. The acceptor must notify the parties for whose honor he accepts, and of his payment of the bill, and if this is done within a reasonable time he will have recourse against such parties. He will only have recourse against parties prior to the one for whose honor he accepts. (Gazzam v. Armstrong, 3 Dana, 554.) Other forms of conditional acceptance occur in business, and if the holder consent to take such a qualified acceptance he must give notice of the qualification to antecedent parties and get their con sent, otherwise he runs the risk of freeing them from their liability. (Crowell v. Plant, 53 Mo., 135.)

parties, bill, acceptance and acceptor