Conclusion
The term “acceptor for honor” is a legal term that is used in the context of negotiable instruments such as promissory notes, bills of exchange, and checks. It is a term that is often used in the legal and financial world, but it may not be familiar to everyone. In this article, we will define and explain the meaning of acceptor for honor, its origin, associations, synonyms, antonyms, and provide example sentences to help you better understand this term.
Definitions
An acceptor for honor is a person who accepts a negotiable instrument such as a promissory note, bill of exchange or check, after it has been dishonored by the original drawee. An acceptor for honor agrees to pay the amount due on the instrument and becomes liable to the holder of the instrument. The acceptor for honor is not the original party to the instrument but is a third party who agrees to pay the amount due on the instrument.
Origin
The concept of acceptor for honor has its roots in the law of negotiable instruments. The law of negotiable instruments was developed to facilitate commerce and trade by creating a system of transferable and negotiable instruments that could be used as a form of payment. The concept of acceptor for honor was developed to provide a mechanism for the payment of an instrument that has been dishonored.
Meaning in different dictionaries
The term “acceptor for honor” may not be found in all dictionaries, but it is defined in legal and financial dictionaries. According to Black’s Law Dictionary, an acceptor for honor is “a person who accepts a bill of exchange or promissory note after it has been dishonored by the original drawee.” The Oxford Dictionary of Law defines an acceptor for honor as “a person who accepts a bill of exchange or promissory note after it has been dishonored by the original drawee, and who thereby becomes liable to pay the amount due on the instrument.”
Associations
The term “acceptor for honor” is associated with the law of negotiable instruments, specifically with bills of exchange, promissory notes, and checks. It is also associated with the concept of dishonor, which occurs when the original drawee of a negotiable instrument fails to pay the amount due.
Synonyms
There are no direct synonyms for the term “acceptor for honor,” but it can be described as a third-party who agrees to pay the amount due on a negotiable instrument that has been dishonored.
Antonyms
There are no direct antonyms for the term “acceptor for honor.”
The same root words
The root words in “acceptor for honor” are acceptor and honor. Acceptor refers to a person who accepts a negotiable instrument such as a promissory note, bill of exchange, or check. Honor refers to the act of fulfilling a financial obligation.
Example Sentences
- The bank appointed an acceptor for honor to pay the amount due on the dishonored check.
- The promissory note was dishonored, but the acceptor for honor agreed to pay the amount due.
- The original drawee refused to pay the bill of exchange, so the holder sought an acceptor for honor to pay the amount due.
In conclusion, the term “acceptor for honor” is a legal term that is used in the context of negotiable instruments such as promissory notes, bills of exchange, and checks. An acceptor for honor is a third-party who agrees to pay the amount due on a negotiable instrument that has been dishonored. The concept of acceptor for honor has its roots in the law of negotiable instruments, and it is associated with the concept of dishonor. Understanding the meaning of acceptor for honor is important for anyone involved in the legal or financial world.