(1) The acceptor for honour of a bill by accepting it engages that he or she will, on due presentment, pay the bill according to the tenor of his or her acceptance, if it is not paid by the drawee: Provided it has been duly presented for payment, and protested for non-payment, and that he or she receives notice of these facts.
(2) The acceptor for honour is liable to the holder and to all parties to the bill subsequent to the party for whose honour he or she has accepted.