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Section 32. Liability of maker of note and acceptor of bill. Previous Next In the absence of a contract to the contrary, the
maker of a promissory note and the acceptor before maturity of a bill of exchange are bound to pay the
amount thereof at maturity according to the apparent tenor of the note or acceptance respectively, and the
acceptor of a bill of exchange at or after maturity is bound to pay the amount thereof to the holder on demand. In default of such payment as aforesaid, such maker or acceptor is bound to compensate any party to the note or bill for any loss or damage sustained by him and caused by such default.
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