law: Negotiable Instruments Act, 1881 
  111. Liability of acceptor for honor 
  An acceptor for honor binds himself to all parties subsequent to
  
  the party for whose honor he accepts to pay the amount of the bill if the
  
  drawee does not; and such party and all prior parties are liable in their
  
  respective capacities to compensate the acceptor for honor for all loss or
  
  damage sustained by him in consequence of such acceptance.
  But an acceptor for honor is not liable to the holder of the
  
  bill unless it is presented, or (in case the address given by such acceptor on
  
  the bills 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.