The Providence news. (Providence [R.I.]) 1891-1906, 1899-08-03

| one person % another. sion<c BY the per-
son giving u. requiring the rsrroa 20
| whom IL Is addressed TO pay on dcmsld
| or at a fxed or dsterminsbis future ttr.o
sum certain In money TO order or 70
| bearer. I
Sec. 1876. a btu OF itss,f dces no: op-
crate as an assignment Of The frs.as Ia
the hands OF the drawee available t.r tho
payment thereof, and the eTawee 10 NOT
liable on the bill unless and uat. he &C.
oepts the same.
Sec 1885, A blli may be addressed 10 two
| or more drnwees Jointly, whether tnev
are partners or not; bnt not 10 tWo nr
more drawees In the alternative or IN
succession.
Sec i27 An inland bin OF exchange a a
bill which is. or on LIS face pdrpoyta 10
be, both drawn and payable within tia
state Any other bill Is a foreign Bill
Unless the contrary appears on tho fccs
or the bill. the holder may treat Il cs an
inland bill.
Sec iss. Where In a bill drawer ana
| drawee arc the same person. or vheys
the drawee is fictitious person or per-
| son not having capacity TO contract the
! holder may treat the instrument. at his
| opIion, either rs bill Of exchange or q
| promissory note.
Sec. I29 Tho drawer OF q bill and any
| indorser may insert thereon the name OF
1 person TO whom the holder may resort
| In case OF need. that IL 20 say. In csse the
| bill is dishonored by n-acceptanco or
| non-payment. Such person is called the
| referee in case OF need. IL Ia In the op-
| tion of the holder TO resort TO the ref
| cree in case OF need or not as he may Gee
| tit.
ARTICLE ~.
Acceptance.
Sec. 14o The acceptance OF 4 bill ~ the
| signifcation by tho drawee OF his ascent
TO the order of the drawer. The accept
| ance must be in writing and signed by
| the drawee IL must not express that the
| drawee will perform his promise by any
| other means than the payment of money.
| Sec. In. The holder OF q bill presenting
| the same for acceptance may require that
| the acceptance be written on the BILL and
| ~ such request Is refused, may treat the
| bill as dishonored.
Sec. l42. Where an acceptance IL written
| on a paper other than the bill itself. ie
| does not bind the acceptor except In favor
| OF a person to whom IL Is shown and who.
| on the faith thereof. receives the bill for
value.
| Sec. 143. An unconditional promise IN
writing to accept bill before II Is drawn
is deemed an actual acceptance In favop
OF every person who. upon the faith
! thereof, receives the bill for value.
Sec. 144. The drawee Is allowed twenty
four hours after presentment In which ia
decide whether or not he will accept the
bill; but the acceptance IL given dates -
OF the day OF presentation.
l Il
bill is delivered for acceptance destroys
the same or refuses. within twenty-four
| hours after such delivery or within sucfr
other period the holder may allow. to
return the bill accepted or non-accepted
| 10 the holder, he will be deemed to havo
accepted the same.
Sec. LAG. A bill may be accepted before
II has been signed by the drawer or while
otherwise incomplete. or when IL is over>
due, or after " has been dishonored by
previous refusal to accept or by non-pay.
ment. But when bill payable after sighe
Is dishonered- by ffor-uccrptHuce ana rha
drawee subsequently, accepts II. the hold
err. In the absence OF any different agrees
ment. is entitled TO have the bill accepted
as OF the date of the first presentment.
Sec. l47. An acceptance is either aens
eral or qualified. general acceptance
assepts without qualification to the order
of the drawer. qualified acceptance In
express terms varies the effect OF the bill
a. drawn
Sec. 14s. An acceptance TO pay at par.
ticular place is general acceptance un>
less IL expressly states that the bill Is to
be paid there only and not elsewhere.
Sec. 1i9. An acceptance is qualified
which IN:
l. Conditional. that Is to say. which
makes payment by the acceptor depend.
ent 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:
e. Local that is to say. an acceptance
to pay only at particular place;
Qualified as 10 .lme:
g. The acceptance of some one or more
of the drawees. but not of ALL
Sec $50. Tine holder may refuse to take
a qualified acceptance and II he does noe
| obtain an unqualified acceptance. he may
| treat the bill as dishonored by non-acs
| ceptance. Where a qualified acceptance -
taken. the drawer and indorsers are disc
charged from liability on the bill, unless
they have expressly or impiiedly author~
tied the holder 10 take qualified accepts
ance or subsequently assent theretos
When the drawer or an indorser receives
notice of a qualified acceptance. hc muse
within a reasonable time express his disc
sent TO the holder or he will be deemed tQ
have assented thereto.
ARTICLE III.
Presentment for Acceptance.
Sec. l5l. Prcsentment for acceptance
must be made:
!. Where the bill is payable after sightS
or In any other case where presentmenQ
for acceptance is necessary In order to NJ
the maturity of the instrument: or
Q Where the bill expressly stipulate0
that it shall he presented for acceptaucea I
| or
g. Where the bill Is drawn payable e}ses
where than at the residence or place OF
business of the drawee.
In no other case IL presentment for ac-
ceptance necessary in order to render any
party 10 the bill liable.
See 1872 Except as herein otherwise pros
vided. the holder OF bill which IL re-
quircd by the next preceding section to
be presented for acceptance must either
present II for acceptance or negotiate II
within a reasonable time. III he fail 10 d0
so. the drawer and al indorsers are diSs
| charged.
Sec. 1853. Presentment for acceptance
must be made by or on behalf OF the holds
er at n reasonable hour on "a businesx
day and before the bill II overdue. TO the
drawee or some person authorized to ace
cept or refuse acceptance Oh his bshsf1
! and:
J. Where bill is addressed TO two %
more drawees who are not partners. pres
sentiment must be made to them all. un~
less one has authority to accept or refuse
acceptance for all. in which case presents
mem may be made TO him only:
2. Where the drawee is dead. prcscnts
nrent may be made 10 hss personal repres
L