Report No. 11
133. "Liability of acceptor for honour".-
An acceptor for honour binds himself, to all parties subsequent to the party for whose honour he accepts, to pay the amount of the bill if the drawee does not; and such party and all prior parties are liable in their respective capacities to compensate the acceptor for honour for all the loss or damage sustained by him in consequence of such acceptance:
(a) an acceptor for honour is not liable to the holder of the bill unless it is presented, or, (in case the address given by such acceptor on the bill is a place other than the place where the bill is made payable), forwarded for presentment, not later than the day next after the day of its maturity;
(Section 111, para. 21
(b) an acceptor for honour cannot be charged unless the bill has at its maturity been presented to the drawee for payment, and has been dishonoured by him, and noted or protested for such dishonour.