Is acceptance to honour is made only aftr protest?...
Can you please elaborate?
Meaning to say... If the drawee fails to pay at the date of maturity and then drawer goes to notary and gets it protested... So... Is it that acceptance for honour comes into play only after drawer makes protest...?
I think, not exactly.bcoz the right of honour existed before the thing protested happen.even I too want clarity here
Acceptance to honor can be made in the following circumstances -
- When a bill of exchange has been protested for dishonor by non-acceptance or
- When a bill of exchange is protested for better security and is not overdue,