BILLS OF EXCHANGE ACT 1882 - SECT 68 Payment for honour supra0 protest.

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BILLS OF EXCHANGE ACT 1882 - SECT 68

Payment for honour supra0 protest.

68.(1) Where a bill has been protested for non-payment, any person may
intervene and pay it supra0 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 supra0 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 agent in that behalf, declaring his intention to pay
the bill for honour, and for whose honour he 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 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 shall be liable to the payer for honour in damages.

(7) Where the holder of a bill refuses to receive payment supra0 protest he
shall lose his right of recourse against any party who would have been
discharged by such payment.

Holder's right to duplicate of lost bill.

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Northern Irish Legislation

BILLS OF EXCHANGE ACT 1882 - SECT 68