The Montgomery advertiser., 1907-08-29

by non- acceptance and the drawee sub- sequently accepts 1t, the holder. in the absence of any different argument is entitled to have the bill accepted as of the date of the first presentment.
 Sec. lss. An acceptance Is either ance assents without qualification to the order of the drawer. A qualified acceptance in expressed terms varies the effect of the bill as drawn.
 sec. 14o. An acceptance to pay at particular place is general acceptance unless 1t expressly states that the bill Is to be paid there only, and not else- where.
 Sec. Al. An acceptance is qualified, which Is: l. Conditional, that is to say. which makes payment by the ac- ceptor dependent on the fulfillment of a condition therein stated. g. 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 partic- ular place. 4. Qualified; as time. 5. The acceptance of 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 accept ance, he may treat the bill as disho1- ored by non-acceptance. Where a qualified acceptance is taken, the draw CT 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 thereto. When the drawer or an indorser received no- tices 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.
 Sec. 143. Presentment for acceptance must be made. 1. When the bill ts payable after sight, or in any other case where presentment for acceptance is necessary in order to fix the matu- rity of the instrument: or, 3. Where a bill expressly stipulates that 1t shall be presented for acceptance: or, 8. Where the bill is drawn payable elsewhere than at the residence or place of busi- ness of the drawee. In no other case Is presentment for acceptance necss- 'sary in order to render any party to the bill liable.
 Sec. IA. Except as herein otherwise peovided, the holder of bill which is required by the next proceeding sec ton to be presented for acceptance must either present it for acceptance or negotiate 1t within a reasonable time. If he fail to do so the drawee and all indorsers are discharged.
 
 must be made by or on behalf of the holder at a reasonable hour, on a bus mess day and before the bill is over due to the drawer or some person au- thortzed to accept or refuse acceptance on his behalf; and, 1. Where 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. "a In-oru s~ sentiment may be made to his personal representative. 8. Where the drawee has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors present ment may be made to him or to his trustees or assignee.
 Sec. 146. A bill may be presented for acceptance on any day on which negotiable instruments may be pre- scented for payment under the provis- ions of sections seventy-two and eighty-iye of this act When Satur+ day Is not otherwise a holiday, pre- sentiment for acceptance may be made before 12 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 pre- bCnb bhc DiAA AOA ACGCpldnCC DSIOTG pre- senting 1t for payment on the day that it falls due. the delay caused by pre- senting the bill for acceptance before presenting 1t for payment is excused and does not discharge the drawee and indorsers.
 Sec. 14S. Presentment for acceptance is excused and a bill may be treated as dishonored by non-acceptance. in either of the following cases: 1. Where ( l. or is a fictitious person or & person not having capacity to contract by bill. .. Where after the exercise of req sonable diligence, presentment can not be made. 3. Where although present. ment has been irregular, acceptance has been refused on some ground.
 Sec. 14s. 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, 2. When a presentment for acceptance Is excused and the bill is not accepted.
 Sec. 15o. Where a bill Is duly pre- sented for acceptance and 1t is not &C., cepted within the prescribed 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.
 Sec. 151. When a bill is dishonored by non-acceptance. an immediate right of recourse against the drawers and indorsers accrues to the holders and no presentmenr for payment is neces- sary.
 Sec. 152. Where foreign bill ap-s bearing on it's face to be such is disI honored by non-acceptance, and where such a bill has not previously been dis honored by non-acceptance is dishon- pred by non-payment. It must be duly protested for non-payment. If 1t is not so protested. the drawer and in- are discharged. Where bill does not appear on its face to be a foreign bill, protest thereof, in case of dishonor is unnecessary.
 Sec, 153. The protest must be an- nexed to the bill, or must contain a copy therof, and must be under the hand and seal of notary making it and must specify: 1. The time and place of presentment. ?. The fact that presentment was made and the thereof. 3. The cause or req son for protesting the bill. 4. The demand made and the answer given. if any. of the fact that the drawee or could not be found.
 Sec 154 Protest may be made by: 1. A notary public; or, 2. By any re- spectable resident of the place where the bill is dishonored. in the presence of two or more credible witnesses.
 Sec 155. WheR 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