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Legal Terms - Acceptance Supra Protest
Acceptance supra protest refers to the act of accepting a bill of exchange or promissory note on behalf of the original drawee, after it has been dishonored. This acceptance is made by a third party, known as the acceptor for honor. A variant of
The act of agreeing to pay a bill of exchange in order to protect the reputation of the person who issued it or endorsed it. If a bill of exchange has been protested owing to nonacceptance or protested for greater security, and it is not yet overdue, any individual who is not already obligated on the bill may, with the agreement of the holder, accept the bill supra protest. An acceptance for honor must be clearly printed on the bill, indicating its purpose, and must be signed. The acceptor for honor commits to paying the bill if the drawee fails to do so, on the condition that the bill has been properly presented for payment, protested for nonpayment, and the acceptor receives notice of these events. He is legally responsible to the holder and all parties who come after the person for whose honor he took the bill.
Acceptance supra protest refers to the act of accepting a bill of exchange or promissory note on behalf of the original drawee, after it has been dishonored. This acceptance is made by a third party, known as the acceptor for honor. A variant of
The act of agreeing to pay a bill of exchange in order to protect the reputation of the person who issued it or endorsed it. If a bill of exchange has been protested owing to nonacceptance or protested for greater security, and it is not yet overdue, any individual who is not already obligated on the bill may, with the agreement of the holder, accept the bill supra protest. An acceptance for honor must be clearly printed on the bill, indicating its purpose, and must be signed. The acceptor for honor commits to paying the bill if the drawee fails to do so, on the condition that the bill has been properly presented for payment, protested for nonpayment, and the acceptor receives notice of these events. He is legally responsible to the holder and all parties who come after the person for whose honor he took the bill.
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