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(5) "The acceptance of some one or more

of the drawees but not of all."

See note to Section 142.

In Brannin v. Henderson, 12 B. Mon. 61, an acceptance in the following words: "I will see the within paid, eventually," it was held that the acceptor was bound to pay "within a reasonable time, at least, after the promise, if not forthwith, and without regard to the happening of any contingency or event whatever, where none is specified in the contract.”

§ 142. Rights of Parties As to Qualified Acceptance.-"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 endorser 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."

In Rogers v. Poston, 1 Met. 643 and Todd

v. Bank of Kentucky, 3 Bush 626, it was held, where a bill did not specify a place of payment and was accepted generally and afterwards words were written above the acceptance adding a place of payment, that this was not a material alteration, and did not release the acceptor or drawer; that no place of payment being fixed, there was an implied authority to appoint such a place. But now (Sec. 125) it is a material alteration "which adds a place of payment where none is specified." This would discharge the acceptor. Under Section 141, "an acceptance to pay only at a particular place" is a qualified acceptance; and by this section the drawer and indorsers are discharged by a qualified acceptance unless they have authorized it or subsequently assented to it.

But it will be noticed that, by Section 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 and not elsewhere" and that in Subsection 3 of Section 141 the word only is used.

ARTICLE III.

PRESENTMENT FOR ACCEPTANCE.

Section 143. When presentment for acceptance must be made.

144. When failure to present or negoti

ate releases drawer and indorser.

145.

Presentment; how made.

146.

When presentment may be made.

147.

Presentment; reasonable diligence.

148. Where presentment is excused.

149. Where a bill is dishonored by nonacceptance.

150. Where bill is treated as dishonored

by non-acceptance.

151. Rights of holder where bill not accepted.

§ 143. When Presentment For Acceptance Must Be Made.-"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."

Although a bill payable at a fixed time need not be presented for acceptance, yet if it is so presented and dishonored notice must be at once given, otherwise the drawer and indorsers are released. See note to Section 102.

§ 144. When Failure to Present or Negotiate Releases Drawer and Indorser.-"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 (Sec. 192). If he fail to do so, the drawer and all indorsers are discharged."

§ 145. Presentment-How 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 drawer or some person authorized (Sec. 19) 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 (Sec. 19) to accept or refuse acceptance for all, in which case presentment may be made to him only.

(2) "Where the drawee is dead (Sec. 148), 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."

§ 146. When Presentment 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 72 and 85 of this Act."

§ 147. Presentment - Reasonable Diligence. "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

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