acceptor supra protest

1 definition found

acceptor supra protest - Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  ACCEPTOR SUPRA PROTEST, in contracts, is a third person, who, after protest
  for non-acceptance by the drawee, accepts the bill for the honor of the
  drawer, or of the particular endorser.
       2. By this acceptance he subjects himself to the same obligations as if
  the bill had been directed to him.  An acceptor supra protest has his remedy
  against the person for whose honor he accepted, and against all persons who
  stand prior to that person. If he takes up the bill for the honor of the
  endorser, he stands in the light of an endorsee paying full value for the
  bill, and has the same remedies to which an endorsee would be entitled
  against all prior parties, and he can, of course, sue the drawer and
  endorser., 1 Ld. Raym. 574; 1 Esp. N. P. Rep. 112; Bayly on Bills, 209; 3
  Kent. Com. 57; Chitty on Bills, 312. The acceptor supra protest is required
  to give the same notice, in order to charge a party, which is necessary to
  be given by other holders. 8 Pick. 1. 79; 1 Pet. R. 262. Such acceptor is
  not liable, unless demand of payment is made on the drawee, and notice of
  his refusal given. 3 Wend. 491.