SEC. 139. 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. Meyer v. Decroix, [1891] A. C. 520, S. C. sec. 125.

SEC. 140. An acceptance 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.

SEC. 141. An acceptance is qualified, which is:1. Conditional, that is to say, which makes payment by the acceptor dependent on the fulfilment 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 11 place;

4. Qualified as to time;

5. The acceptance of some one or more of the drawees, but not of all.

SEC. 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 nonacceptance. 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.12 When the drawer or an

11 The English Act interpolates "specified." B. E. A. s. 19 (2) (c).

12 The English Act adds: "The provisions of this subsection do not apply to a partial acceptance whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be protested as to the balance." B. E. A. s. 44 (2).

indorser receives notice 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.

ARTICLE III.

PRESENTMENT FOR ACCEPTANCE.

SEC. 143. 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; 13 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.

Van Buskirk v. State Bank, 35 Colo. 142, 83 Pac. 778, 117 Am. St. Rep. 182, S. C. sec. 189.

SEC. 144. 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 fail to do so, the drawer and all indorsers 14 are discharged.15

13 The English Act omits the words "or in any other case where." B. E. A. s. 39 (1).

14 The English Act interpolates "prior to that holder." B. E. A. s. 40 (2). 15 B. E. A. 8. 40 (1), corresponding to the above section 144, relates only to bills payable after sight.

SEC. 145. 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 16 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 bank

rupt 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.17

SEC. 146. 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.18

The Kentucky and Wisconsin Acts omit the last sentence. The Colorado Act substitutes for the last sentence the following: "When any day is in part a holiday presentment for acceptance may be made during reasonable hours of the part of such day which is not a holiday."

16 The words "or refuse acceptance" are omitted in B. E. A. s. 41 (1) (b). 17 "Where the drawee is bankrupt, presentment may be made to him or to his trustee." B. E. A. s. 41 (1) (d).

18 Not in B. E. A. The Bank Holidays Act, 1871, s. 2, provides that when the day on which a bill should be presented for acceptance is a bank holiday, the bill shall be presented the next day. Chalmers' Bills of Exchange, 6th ed., 348; see also B. E. A. s. 92 infra, p. 159, n. 45.

SEC. 147. 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.

The North Carolina Act uses "executed" instead of "excused" in the next to the last line, an evident clerical error.

SEC. 148. Presentment for acceptance is excused, and a bill may be treated as dishonored by nonacceptance, 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. 19

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.20

SEC. 149. 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 presentment for acceptance is excused, and the bill is not accepted.

19 "Where the drawee is dead or bankrupt, or is a fictitious person or a person not having capacity to contract by bill." B. E. A. s. 41 (2) (a).

20 The English Act adds: "The fact that the holder has reason to believe that the bill, on presentment, will be dishonored does not excuse presentment." B. E. A. s. 41 (3).

National Park Bank v. Saitta, 127 App. Div. 624, 111 N. Y. Supp. 927, S. C. secs. 24, 133.

SEC. 150. Where a bill is duly presented for acceptance and is not accepted within the prescribed 21 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.

National Park Bank v. Saitta, 127 App. Div. 624, 111 N. Y. Supp. 927, S. C. secs. 24, 133.

SEC. 151 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.

National Park Bank v. Saitta, 127 App. Div. 624, 111 N. Y. Supp. 927, S. C. secs. 24, 133.

ARTICLE IV.

PROTEST.

SEC. 152. 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 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.

The liabilities of the drawer of a bill of exchange are fixed by the law of the place where he draws it. So a bill drawn in New

21 The English Act uses the word "customary" instead of "prescribed." B. E. A. s. 42.