The Birmingham age-herald., 1907-08-29


 thereof, receives the bill for value.
 Sec. 136. 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.
 Sec. 137. Where a drawee to whom 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 l holder, he will be deemed to have &C., i cepted the same
 l Sec. 13S A bill may be accepted be- l lore 1t has been signed by the drawer. l while otherwise incomplete, or when 1 IL Is overdue, or after it has been dis 1 honored by previous refusal to accept. | or by non-payment. But when bill payable after sight is dishonored by non l acceptance and the drawee subsequently, 1 accepts 1t, the holder, in the absence of
 any different argument is entitled to have
 the bill accepted as of the date of the l first presentment.
 Sec. 1S9. An acceptance is either general i or qualified. general acceptance 1 sents without qualification to the order | of the drawer. A qualified acceptance l in expressed terms varies the effect of
 the bill as drawn.
 | Sec. 140. An acceptance to pay at a
 particular place is a general acceptance 1 unless it expressly states that the bill
 is to be paid there only, and not else l where
 Sec. Al. An acceptance is qualified l which is: l. Conditional, that is to say.
 which makes payment by the acceptor | dependent on the fulillment of a condi- | ton therein stated 2. Partial that is to 1 say, an acceptance to pay part only of l the amount for which the bill is drawn.
 5. Local; that is to say, an acceptance | to pay only at a particular place. l. l Qualified; as time. 5. The acceptance of 1 some one or more of the drawers, but
 not of all.
 Sec. 142. The holder may refuse to
 take qualified acceptance, and If he
 does not obtain an unqualified acceptance. he may treat the bill as dishonored by non-acceptance Where a qualified accep-
 tance is taken, the drawer and indorsers
 are discharged from liability on the bill,
 unless they have expressly or implied by
 authorized the holder to take a qualified
 acceptance, or subsequently, assent there l to. When the drawer or an indorser re- l ceiyed notices of a qualified acceptance. l he must within a reasonable time express l his dissent to the holder, or he will be | deemed to have assented thereto.
 Sec. 143. Presentment for acceptance must be made. 1. When 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 in- 1 strument; or, 9 Where bill expressly stipulates that 1t shall be presented for
 acceptance; or. g. Where the bill is drawn
 payable elsewhere than at the residence 1 or place of business of the drawee. ln no other case is presentment for accept ance necessary in order to render any party to the bill liable.
 l Sec. IA Except as herein otherwise
 provided, the holder of bill which is re- l Onirp0 he section be presented for acceptance must either l present it for acceptance or negotiate it within a reasonable time. If he fail to do so the drawee and all indorsers are discharged.
 Sec. 145. Presentment for acceptance
 must be made by or on behalf of the holder at a reasonable hour. on a busi- ness day and before the bill is overdue to the drawer or some person authorized to accept or refuse acceptance on his behalf; and, 1. Where a bill Is addressed to two or more drawers who are not partners, presentment must be made to them all, in which case presentment may be made to him only. ?. Where the drawee is dead, presentment may be made to his personal representative. 3. Where the drawee has been adjudged bankrupt or an nsolvent. or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustees or assignee
 Sec 146 bill may be presented for acceptance on any day on which negotla- be instruments may be presented Tor payment under the provisions of sections seventy-two and eighty-five of this act. When Saturday Is not otherwise a holi- day, presentment for acceptance may be made before ll o'clock, noon, on that day. | Sec. 147. Where the holder of 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 1 for payment on the day that it falls due,
 the delay caused by presenting the bill l for acceptance before presenting 1t for payment is excused and does not dis charge the drawee and ndorsers i Sec 14s Presentment for acceptance is excused and 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. ?. Where alter the exercise of reasonable diligence present. ment cannot be made. ,. Where although presentment has been irregular, accept ance has been refused on some. ground.
 Sec l49 A bill is dishonored by non acceptance: 1. When 1t is duly presented for acceptance and such an acceptance as is prescribed by this act is refused or cannot be obtained; or, 9 When presentment for acceptance is excused and the bill is not accepted
 Sec. 15O. Where a bill is duly presented for acceptance and it is not accepted with in the prescribed time. the person pre- senting it must treat the bill as dishon- ored by non-acceptance or he loses the right of recourse against the drawer and l indorsers.
 Sec. 15l When q bill is dishonored by non-acceptance, an immediate right of re- course against the drawers and indorsers accrues to the holders and no present. ment for payment is necessary
 Sec 152 Where foreign bill appear ing on its face to be such Is dishonored by non-aceeptance, and where such bill has not previously been dishonored by non-acceptance is dshonored by non-pay- ment It must be duly protested for non- payment If 1t is not so protested the drawer and indorsers are discharged Where a bill does not appear on it's face to be a foreign bill, protest thereof, in case Of dishonor Is unnecessary. Sec 153 The protest must be annexed to the bill or must contain a copy there of. and must be under the hand and seal of a notary making 1t and must specify: l. The time and place of presentment. 2 The fact that presentment was made and the manner thereof. 3. The cause or req son for protesting the bill. 4 The de- mand made and the answer given, 1T any, of the fact that the drawee or ac- ceptor could not be found.