Acceptance for Honor in Negotiable Instruments

Document Type : Original Article


1 Human Sciences Faculty. University of Gonbad Qavous, Gonbas Qavous, Iran.

2 Law Department, University of Arak, Arak, Iran.


If bill of exchange or cheque was not accepted by the drawee, holder of that bills could resource to other liable parties or that want to take a guarantee before maturity. Acceptance by the third party is a method to avoid holder’s resource to issuer and endorser before maturity. This action can be done partially or wholly. This acceptance can be done after having done a protest for non-acceptance. Considering the legal nature of acceptance for honor based on the doctrine of offer faces with this important issue that it cannnot cover all types of this act. The Benevolent intervention in another doctrine that is a far argument and thus cannot cover all types of the act. The same problem exists on the agency doctrine. Instead of these doctrines, unilateral obligation doctrine ignores one of the involved willingness's in creating that act. Based on guaranty contract doctrine not only we cannot open any door but also it creates new problem. Moreover, this doctrine is contradiction with interpretation of parties' willingness. It is, therefore a special legal action that involves bill of exchange obligation and arises rights and responsibilities.


Main Subjects

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