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Simple English definitions for legal terms
acceptor supra protest
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A quick definition of acceptor supra protest:
Acceptor Supra Protest: An acceptor supra protest is someone who agrees to pay a bill that has been protested, in order to honor the person who originally wrote the bill or endorsed it. This means that even though the bill was not paid by the original party, the acceptor supra protest steps in to make sure that the payment is made.
A more thorough explanation:
Definition: An acceptor supra protest is a person who accepts a bill of exchange that has been protested, for the honor of the drawer or an indorser.
Example: Let's say that John owes $100 to Jane, and he writes a bill of exchange for that amount. Jane takes the bill to the bank to cash it, but the bank refuses to pay because John doesn't have enough funds in his account. The bill is then protested, which means that a formal notice of non-payment is sent to John. However, John's friend, Tom, wants to help him out and maintain his reputation. Tom can become an acceptor supra protest by accepting the bill and paying the $100 to Jane, even though he is not obligated to do so.
Explanation: In this example, Tom is the acceptor supra protest because he accepts the bill after it has been protested, for the honor of John (the drawer) or Jane (the indorser). By doing so, Tom is showing that he trusts John and wants to help him avoid any negative consequences of not paying the bill. This is a common practice in the business world, where reputation and trust are highly valued.