Section 107 in The Negotiable Instruments Act

Title: Reasonable time for transmitting such notice

Description: A party receiving notice of dishonour, who seeks to enforce his right against a prior party, transmits the notice within a reasonable time if he transmits it within the same time after its receipt as he would have had to give notice if he had been the holder

Title: Acceptance for honour

Description: When a bill of exchange has been noted or protested for nonacceptance or for better security, any person not being a party already liable thereon may, with the consent of the holder, by writing on the bill, accept the same for the honour of any party thereto. 1*** 1. The second sentence rep. by s. 7, ibid,.

Title: How acceptance for honour must be made

Description: A person desiring to accept for honour must, 1[by writing on the bill under his hand, declare that he accepts under protest the protested bill for the honour of the drawer or of a particular indorser whom he names, or generally for honour. 2 *** 1. Subs. by s. 8, ibid., for in the presence of a notary public, subscribe the bill with his own hand, and. 2. The words and such declaration must be recorded by the notary in his register rep. by s. 8, ibid.

Title: Acceptance not specifying for whose honour it is made

Description: Where the acceptance does not express for whose honour it is made, it shall be deemed to be made for the honour of the drawer.

Title: Liability of acceptor for honour

Description: An acceptor for honour binds himself to all parties subsequent to the party for whose honour he accepts to pay the amount of the bill if the drawee do not; and such party and all prior parties are liable in their respective capacities to compensate the acceptor for honour for all loss or damage sustained by him in consequence of such acceptance. But an acceptor for honour is not liable to the holder of the bill unless it is presented, or (in case the address given by such acceptor on the bill is a place other than the place where the bill is made payable) forwarded for presentment, not later than the day next after the day of its maturity.