Tommy Atherton
anyone willing to explain how, when and why "supra protest" is to be used in a bill of exchange instrument.
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.
Is this used in such a situation whereby, if administrating for a PERSON of CANADA, the Bank of Canada, does not accept the drawers administrations for discharge when presented by the beneficiary? I don't understand the mechanics of using this! and what liabilities/obligations are assumed by the "acceptor supra protest(or)" - not sure if i used the suffix correctly here
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