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This 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. The acceptance subjects the party to the same obligations as if the bill had been directed to him. The party 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. This acceptance inures to the benefit of all successors to the party for whose benefit it is made. The effect being to discharge all parties subsequent to the party for whose honor it is paid.

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