ARTICLE II.-ACCEPTANCE.

§ 132. Definition and requisites.-The acceptance of a bill is the signification by the drawee of his assent to the order of the drawer; the acceptance must be in writing and signed by the drawee; it must not express that the drawee will perform his promise by any other means than the payment of money. (Acts 1907, Reg. Sess., c. 81.)

§ 133. Written acceptance on bill may be required.-The holder of a bill presenting the same for acceptance may require that the acceptance be written on the bill, and if such request is refused, may treat the bill as dishonored. (Acts 1907, Reg. Sess., c. 81.)

§ 134. Effect of separate acceptance.--Where an acceptance is written on a paper other than the bill itself, it does not bind the acceptor except in favor of a person to whom it is shown and who, on the faith thereof, receives the bill for value. (Acts 1907, Reg. Sess., c. 81.)

§ 135. Promise to accept bill before drawn.-An unconditional promise in writing to accept a bill before it is drawn is deemed an actual acceptance in favor of every person, who, upon the faith thereof, receives the bill for value. (Acts 1907, Reg. Sess., c. 81.)

§ 136. Time for acceptance. The drawee is allowed twentyfour 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. (Acts 1907, Reg. Sess., c. 81.)

§ 137. Destruction or retention as an acceptance.-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. (Acts 1907, Reg. Sess., c. 81.)

§ 138. Acceptance of bill incomplete, overdue, or dishonored.— 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 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. (Acts 1907, Reg. Sess., c. 81.)

§ 139. General acceptance.-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. (Acts 1907, Reg. Sess., c. 81.)

§ 140. An aceptance to pay at a particular place is a general acceptance unless it expressly states that the bill is to be paid there only and not elsewhere. (Acts 1907, Reg. Sess., c. 81.)

§ 141. Qualified acceptance.—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. (Acts 1907, Reg. Sess., c. 81.)

$142. 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 notices of a qualified acceptance, he must within a reasonable time express his dissent to the holder, or he will be deemed to have assented thereto. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE III.-PRESENTMENT FOR ACCEPTANCE.

§ 143. When necessary.-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. (Acts 1907, Reg. Sess., c. 81.)

§ 144. Time for. 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 ao so, the drawer and all indorsers are discharged. (Acts 1907, Reg. Sess., c. 81.)

§ 145. When and to whom made.-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. (Acts 1907, Reg. Sess., c. 81.)

§ 146. Days on which may be made.-A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of sections seventy-two and eighty-five of this act; when Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon on that day. (Acts 1907, Reg. Sess., c. 81.)

§ 147. When delay excused. 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 of acceptance before presenting it for payment

is excused and does not discharge the drawers and indorsers. (Acts 1907, Reg. Sess., c. 81.)

§ 148. 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 can not be made; (3) where although presentment has been irregular, acceptance has been refused on some other ground. (Acts 1907, Reg. Sess.; c. 81.)

§ 149. Dishonor by non-acceptance.-A bill is dishonored by non-acceptance (1) when it is duly presented for acceptance and such an acceptance as is prescribed by this act is refused or can not be obtained; or (2) when a presentment for acceptance is excused and the bill is not accepted. (Acts 1907, Reg. Sess., c. 81.)

§ 150. 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. (Acts 1907, Reg. Sess., c. 81.)

§ 151. Same: effect. 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. (Acts 1907, Reg. Sess., c. 81.)

ARTICLE IV.-PROTEST.

§ 152. When necessary.-Where a foreign bill appearing on its face to be such is dishonored by non-acceptance, it must be duly protested for non-acceptance, 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 nonpayment. 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. (Acts 1907, Reg. Sess., c. 81.)

§ 153. Requisites. 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. (Acts 1907, Reg. Sess., c. 81.)

§ 154. By whom made.-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. (Acts 1907, Reg. Sess., c. 81.)

§ 155. Time and place. 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. (Acts 1907, Reg. Sess., c. 81.

§ 156. 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. (Acts 1907, Reg. Sess., c. 81.)

§ 157. Protest for non-payment.-A bill which has been protested for non-acceptance may be subsequently protested for non-payment. (Acts 1907, Reg. Sess., c. 81.)

§ 158. Protest for better security. 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. (Acts 1907, Reg. Sess., c. 81.)

§ 159. When protest dispensed with or excused. 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