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      Question

      What is an "acceptor for honour" in the context of a

      bill of exchange?
      A A person who accepts a bill of exchange without protest for non-acceptance Correct Answer Incorrect Answer
      B A person who accepts a bill of exchange for the purpose of guaranteeing the drawer's liability Correct Answer Incorrect Answer
      C A person who accepts a bill of exchange after it has been noted or protested for non-acceptance or for better security Correct Answer Incorrect Answer
      D A person who accepts a bill of exchange to settle any outstanding debts Correct Answer Incorrect Answer
      E A person who refuses to accept a bill of exchange for the drawer's honour Correct Answer Incorrect Answer

      Solution

      Section 7 “Acceptor for honour”.— 4 [When a bill of exchange has been noted or protested for non-acceptance acceptance or for better security, and any person accepts it supra protest for honour of the drawer or of any one of the indorsers, such person is called an “acceptor for honour”.

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