Section 175. Effect on subsequent parties where bill is paid for honor - Negotiable Instruments Law

Section 175. Effect on subsequent parties where bill is paid for honor.- Where a bill has been paid for honor, all parties subsequent to the party for whose honor it is paid are discharged, hut the payer for honor is subrogated for, and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter.