acceptance for honor

acceptance for honor
The acceptance of a bill of exchange by a person other than the drawee, voluntarily and without consideration. It is allowed for the convenience of commerce, that such a person may, after presentation, refusal, and protest, accept for the honor of the drawer, or any of the indorsers, or all of the parties, as he may see fit, but this is done supra protest and in accord with settled forms. Heenan v Nash, 8 Minn 407. Provisions for acceptance for honor have been eliminated from the Commercial Code as unnecessary in this day of rapid communications whereby notice Of dishonor is give so rapidly that air acceptance for honor is no longer necessary to protect the credit of the drawer. 11 Am J2d B & N § 506.

Ballentine's law dictionary. . 1998.

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