511. Accommodation bills.

A person who puts his name on a bill for the accommodation of another stands in the position of a surety, and, if he takes up the bill, he may prove in the other's bankruptcy1. Where there is mutual accommodation paper and a bankruptcy of one party, the solvent party must, before proof, take up his own paper and so relieve the bankrupt's estate2. If both parties become bankrupt, there can be no proof on either side in respect of the accommodation paper, but, if there is a cash balance on either side, proof may be made for that