§ 3217. TIME ALLOWED DRAWEE TO ACCEPT. 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. History: p. 1552. Enactment approved June 1, 1917, Stats. and Amdts. 1917, § 3218. LIABILITY OF DRAWEE RETAINING OR DESTROYING BILL. 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 nonaccepted to the holder, he will be deemed to have accepted the same. § 3219. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1552. In effect July 31, 1917. ACCEPTANCE OF INCOMPLETE BILL. 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 nonpayment. But when a bill payable after sight is dishonored by nonacceptance 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1552. In effect July 31, 1917. § 3220. qualified. KINDS OF ACCEPTANCE. An acceptance is either general or 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1552. In effect July 31, 1917. CONSTITUTES § 3221. WHAT CONSTITUTES A GENERAL ACCEPTANCE. 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. § 3222. is History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1553. In effect July 31, 1917. QUALIFIED ACCEPTANCE. An acceptance is qualified, which 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; Local, that is to say, an acceptance to pay only at a particular place; 3. 4. 5. The acceptance of some one or more of the drawees, but not of all. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1553. In effect July 31, 1917. § 3223. 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 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. When the drawer or an 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1553. In effect July 31, 1917. ARTICLE III. PRESENTMENT FOR ACCEPTANCE. § 3224. When presentment for acceptance must be made. § 3225. When failure to present releases drawer and indorser. § 3226. Presentment; how made. § 3227. On what days presentment may be made. § 3228. Presentment where time is insufficient. § 3229. Where presentment is excused. § 3230. When dishonored by nonacceptance. § 3231. Duty of holder where bill not accepted. § 3232. Rights of holder where bill not accepted. § 3224. 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1553. In effect July 31, 1917. § 3225. WHEN FAILURE TO PRESENT 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. If he fails to do so, the drawer and all indorsers are discharged. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1553. In effect July 31, 1917. § 3226. 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 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. § 3227. ON WHAT DAYS 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 three thousand one hundred fifty-four and three thousand one hundred sixty-seven. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock, noop, on that day. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. § 3228. PRESENTMENT WHERE TIME IS INSUFFICIENT. 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. § 3229. WHERE PRESENTMENT IS EXCUSED. 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; 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. § 3230. WHEN DISHONORED BY NONACCEPTANCE. A bill is dishonored by nonacceptance 1. When it is duly presented for acceptance and such an acceptance as is prescribed by this title is refused or can not be obtained; or 2. When presentment for acceptance is excused and the bill is not accepted. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. § 3231. DUTY OF HOLDER WHERE BILL IS NOT ACCEPTED. 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 nonacceptance or he loses the right of recourse against the drawer and indorsers. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. § 3232. RIGHTS OF HOLDER WHERE BILL IS NOT ACCEPTED. When a bill is dishonored by nonacceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder and no presentment for payment is necessary. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1554. In effect July 31, 1917. ARTICLE IV. PROTEST. § 3233. In what cases protest necessary. § 3234. Protest; how made. § 3235. Protest; by whom made. § 3236. Protest; when to be made. § 3237. Protest; where made. § 3238. Protest both for nonacceptance and nonpayment. § 3239. Protest before maturity where acceptor insolvent. § 3240. When protest dispensed with. § 3241. Protest where bill is lost, etc. Where a foreign § 3233. IN WHAT CASES PROTEST NECESSARY. bill appearing on its face to be such is dishonored by nonacceptance, it must be duly protested for nonacceptance, and where such a bill which has not previously been dishonored by nonacceptance is dishonored by nonpayment, 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1555. In effect July 31, 1917. § 3234. PROTEST; HOW MADE. 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1555. In effect July 31, 1917. § 3235. PROTEST; BY WHOM MADE. Protest may be made byA notary public; or 1. 2. By any respectable resident of the place where the bill is dishonored, in the presence of two or more credible witnesses. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1555. In effect July 31, 1917. § 3236. PROTEST; WHEN TO BE MADE. 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. Enactment approved June 1, 1917, Stats. and Amdts. 1917, History: p. 1555. § 3237. PROTEST; WHERE TO BE MADE. 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 nonacceptance, it must be protested for nonpayment at the place where it is expressed to be payable, and no further presentment for payment to, or demand on, the drawee is necessary. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, § 3238. PROTEST BOTH FOR NONACCEPTANCE AND NONPAYMENT. A bill which has been protested for nonacceptance may be subsequently protested for nonpayment. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1555. In effect July 31, 1917. § 3239. PROTEST BEFORE MATURITY WHERE ACCEPTOR INSOLVENT. 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1555. In effect July 31, 1917. § 3240. WHEN PROTEST DISPENSED WITH. 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, § 3241. PROTEST WHERE BILL IS LOST, ETC. 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. History: Enactment approved June 1, 1917, Stats. and Amdts. 1917, p. 1556. In effect July 31, 1917. ARTICLE V. ACCEPTANCE FOR HONOR. § 3242. When bill may be accepted for honor. § 3243. Acceptance for honor; how made. § 3244. When deemed to be an acceptance for honor of the drawer. § 3245. Liability of the acceptor for honor. § 3246. Agreement of acceptor for honor. § 3247. Maturity of bill payable after sight; accepted for honor, etc. § 3248. Protest of bill accepted for honor, etc. § 3249. Presentment for payment to acceptor for honor; how made. § 3250. When delay in making presentment is excused. § 3251. Dishonor of bill by acceptor for honor. § 3242. WHEN BILL MAY BE ACCEPTED FOR HONOR. Where a bill of exchange has been protested for dishonor by nonacceptance 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 |