.To whom payment should be made.78.To whom payment should be made. Subject to the provisions of section 82, clause (c), payment of the amount due on a promissory note, bill of exchange or cheque must, in order to discharge the maker or acceptor, be made to the holder of the instrument.29.79.Interest when rate specified.79.Interest when rate specified. When interest at a specified rate is expressly made payable on a promissory note or bill of exchange, interest shall be calculated at the rate specified, on the amount of the principal money due thereon, from the date of the instrument, until tender or realization of such amount, or until such date after the institution of a suit to recover such amount as theCourt directs.
THE NEGOTIABLE INSTRUMENTS ACT, 1881 Title : THE NEGOTIABLE INSTRUMENTS ACT, 1881 Year : 1881 Act : CHAPTER XI OF ACCEPTANCE AND PAYMENT FOR HONOUR AND REFERENCE IN CASE OF NEED 108.Acceptancc for honour. 108.Acceptancc for honour. 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