Section 107 - Reasonable time for transmitting such notice, Section 108 - Acceptance for honour : Negotiable Instruments Act 1881

What is Reasonable time for transmitting such notice? What is Acceptance for honour? Reasonable time for transmitting such notice and Acceptance for honour are defined under Section 107 and 108 of Negotiable Instruments Act 1881

 

 

Section 107 of Negotiable Instruments Act 1881: "Reasonable time for transmitting such notice"

A party receiving notice of dishonour, who seeks to enforce his right against a prior party, transmits the notice within a reasonable time if he transmits it within the same time after its receipt as he would have had to give notice if he had been the holder.

 

Section 108 of Negotiable Instruments Act 1881: "Acceptance for honour"

When a bill of exchange has been noted or protested for non-acceptance or for better security, any person not being a party already liable thereon may, with the consent of the holder, by writing on the bill, accept the same for the honour of any party thereto.