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it is drawn is deemed an actual acceptance in favor of every person who, upon the faith thereof, receives the bill for value. 1917—1552.

3217. The drawee is allowed twenty-four hours after presentment, in which to decide whether or not he will accept the bill; but the acceptance, if given, dates as of the day of presentation. 1917—1552.

3218. Where a drawee to whom a bill is delivered for acceptance destroys the same, or refuses within twenty-four hours after such delivery, or within such other period as the holder may allow, to return the bill accepted or non-accepted to the holder, he will be deemed to have accepted the same. 1917-1552.

3219. A bill may be accepted before it has been signed by the drawer, or while otherwise incomplete, or when it is overdue, or after it has been dishonored by a previous refusal to accept, or by non-payment. But when a bill payable after sight is dishonored by non-acceptance and the drawee subsequently accepts it, the holder in the absence of any different agreement, is entitled to have the bill accepted as of the date of the first presentment. 1917–1552.

3220. An acceptance is either general or qualified. A general acceptance assents without qualification to the order of the drawer, A qualified acceptance in express terms varies the effect of the bill as drawn. 1917—1552.

3221. An acceptance to pay at a particular place is a general acceptance, unless it expressly state that the bill is to be paid there only and not elsewhere. 1917-1553.

3222. An acceptance is qualified, which is

(1) Conditional, that is to say, which makes payment by the acceptor dependent on the fulfillment of a condition therein stated;

· (2) Partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn;

(3) Local, that is to say, an acceptance to pay only at a particular place;

(4) Qualified as to time;

(5) The acceptance of some one or more of the drawees, but not of all. 1917–1553.

3223. The holder may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance, he may treat the bill as dishonored by non-acceptance. Where a qualified acceptance is taken the drawer and indorsers are discharged from liability on the bill, unless they have expressly or impliedly authorized the holder to take a qualified acceptance, or subsequently assent thereto. When the drawer or an indorser receives notice of a qualified accepta

within a reasonable time, express his dissent to the holder, or he will be deemed to have assented thereto, 1917— 1553.

ARTICLE III.
Presentment for Acceptance.

Section

Section 3224. When presentment for ac- 3229. Where presentment is exceptance must be made.

cused. 3225. When failure to present re- 3230. When dishonored by non

leases drawer and indorser. acceptance. 3226. Presentment; how made. 3231. Duty of holder where bill 3227. On what days presentment not accepted. may be made.

3232. Rights of holder where bill 3228. Presentment where time is not accepted.

insufficient.

3224. Presentment for acceptance must be made

(1) Where the bill is payable after sight, or in any other case, where presentment for acceptance is necessary in order to fix the maturity of the instrument; or

(2) Where the bill expressly stipulates that it shall be presented for acceptance; or

(3) Where the bill is drawn payable elsewhere than at the residence or place of business of the drawee.

In no other case is presentment for acceptance necessary in order to render any party to the bill liable. 1917--1553.

3225. Except as herein otherwise provided, the holder of a bill which is required by the next preceding section to be presented for acceptance must either present it for acceptance or negotiate it within a reasonable time. If he fails to do so, the drawer and all indorsers are discharged. 1917—1553.

3226. Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour, on a business day and before the bill is overdue, to the drawee or some person, authorized to accept or refuse acceptance on his behalf; and

(1) Where a bill is addressed to two or more drawees who are not partners, presentment must be made to them all, unless one has authority to accept or refuse acceptance for all, in which case presentment may be made to him only;

(2) Where the drawee is dead, presentment may be made to his personal representative;

(3) Where the drawee has been adjudged a bankrupt or an insolvent or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustee or assignee. 1917 -1554.

3227. A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of sections three thousand one hundred fifty-three and three thousand one hundred sixty-six. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock, noon, on that day. 1921-215.

3228. Where the holder of a bill drawn payable elsewhere than at the place of business or the residence of the drawee has not time with the exercise of reasonable diligence to present the bill

for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused and does not discharge the drawers and indorsers. 1917—1554.

3229. Presentment for acceptance is excused and a bill may be treated as dishonored by non-acceptance, in either of the following cases:

(1) Where the drawee is dead, or has absconded, or is a fictitious person or a person not having capacity to contract by bill;

(2) Where, after the exercise of reasonable diligence, presentment cannot be made;

(3) Where, although presentment has been irregular, acceptance has been refused on some other ground. 1917—1554.

3230. A bill is dishonored by non-acceptance

(1) When it is duly presented for acceptance and such an acceptance as is prescribed by this title is refused or cannot be obtained; or

(2) When presentment for acceptance is excused and the bill is not accepted. 1917—1554.

3231. Where a bill is duly presented for acceptance and is not accepted within the prescribed time the person presenting it must treat the bill as dishonored by non-acceptance or he loses the right of recourse against the drawer and indorsers. 1917--1554.

3232. When a bill is dishonored by non-acceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder and no presentment for payment is necessary, 1917—1554..

ARTICLE IV.

Protest. Section

Section 3233. In what cases protest neces

ceptance and non-payment. sary.

3239. Protest before maturity 3234. Protest; how made.

where acceptor insolvent. ? 3235. Protest; by whom made. 3240. When protest dispensed 3236. Protest; when to be made. with. 3237. Protest; where made.

3241. Protest where bill is lost, 3238. Protest both for non-ac

etc.

3233. Where a foreign bill appearing on its face to be such is dishonored by non-acceptance, it must be duly protested for nonacceptance, and where such a bill which has not previously been dishonored by non-acceptance is dishonored by non-payment, it must be duly protested for non-payment. If it is not so protested, the drawer and indorsers are discharged. Where a bill does not appear on its face to be a foreign bill, protest thereof in case of dishonor is unnecessary. 1917–1555.

3234. The protest must be annexed to the bill, or must contain a copy thereof and must be under the hand and seal of the notary making it, and must specify-

(1) The time and place of presentment;

(2) The fact that presentment was made and the manner thereof; (3) The cause or reason for protesting the bill;

(4) The demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found. 1917–1555.

3235. Protest may be made by-(1) A notary public; or

(2) By any respectable resident of the place where the bill is dishonored, in the presence of two or more credible witnesses. 1917 -1555.

3236. When a bill is protested, such protest must be made on the day of its dishonor, unless delay is excused as herein provided. When a bill has been duly noted, the protest may be subsequently extended as of the date of the noting. 1917—1555.

3237. A bill must be protested at the place where it is dishonored, except that when a bill drawn payable at the place of business, or residence of some person other than the drawee, has been dishonored by non-acceptance, it must be protested for non-payment at the place where it is expressed to be payable, and no further presentment for payment to, or demand on, the drawee is necessary. 1917—1555.

3238. A bill which has been protested for non-acceptance may be subsequently protested for non-payment. 1917—1555.

3239. Where the acceptor has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, before the bill matures, the holder may cause the bill to be protested for better security against the drawer and indorsers. 1917–1555.

3240. Protest is dispensed with by any circumstances which would dispense with notice of dishonor. Delay in noting or protesting is excused when delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconduct or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence. 1917—1556.

3241. When a bill is lost or destroyed or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof. 1917—1556.

ARTICLE V.

Acceptance for Honor. Section

Section 3242. When bill may be accepted 3247. Maturity of bill payable for honor.

after sight; accepted for 3243. Acceptance for honor; how honor, etc. made.

3248. Protest of bill accepted for 3244. When deemed to be an ac

honor, etc. ceptance for honor of the 3249. Presentment for payment to drawer.

acceptor for honor; how 3245. Liability of the acceptor for made. honor.

3250. When delay in making pre3246. Agreement of acceptor for sentment is excused. honor.

3251. Dishonor of bill by acceptor

for honor.

3242. Where a bill of exchange has been protested for dishonor by non-acceptance or protested for better security, and is not overdue, any person not being a party already liable thereon may, with the consent of the holder, intervene and accept the bill supra protest for the honor of any party liable thereon, or for the honor of the person for whose account the bill is drawn. The acceptance for honor may be for the part only of the sum for which the bill is drawn; and where there has been an acceptance for honor for one party, there may be a further acceptance by a different person for the honor of another party. 1917–1556.

3243. An acceptance for honor supra protest must be in writing, and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor. 1917—1556.

3244. Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. 1917—1556.

3245. The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted. 1917-1556.

3246. The acceptor for honor, by such acceptance, engages that he will, on due presentment, pay the bill according to the terms of his acceptance; provided, it shall not have been paid by the drawéé; and, provided, also, that it shall have been duly presented for payment and protested for non-payment and notice of dishonor given him. 1917—1556.

3247. Where a bill, payable after sight, is accepted for honor, it's maturity is calculated from the date of the noting for non-acceptance and not from the date of the acceptance for honor, 1917–1556.

3248. Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or referee in case of need. 1917–1557.

3249. Presentment for payment to the acceptor for honor must be made as follows:

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