The Montgomery advertiser., 1909-09-16

non -ascsptanos or non payment Such person Is called the referee in case of need It is in the option of the holder to resort to the referee in case of need or not. as he may see nta l Acceptance. | Sec. iSf. The acceptance of the bill is the signihoation by the drawes of his assent to the order of the drawer. The acoeptsnee must be in writing and signed by the drawee. IL must not ex- prsss that the drawes will perform his promise by any other means than the payment of money.
 Sec. Ias. The holder of tho bill pre- senting the same for acceptance may require that the acceptance be written on the bfii. and if such request is re- fused may treat the bill as dis 'eonored. Bee. 1as. Where an acceptance Is written on a paper other than the bill Itself. It does not bind the acceptor ex- cspt In favor of the person to whom 1t n shown and who, in the faith there- of. receives the bill for value. Sec. 1ss An unconditional promise in writing to accept the bill before 1t IS drawn Is deemed an actual acceptance l In favor of every person who, upon value.
 Section Iss. The drawee is allowed itwohS.tour noufb aIter presentmet m which to decide whether or not he will accept the bill. but the acceptance if given dates as of the day of presenta- ton.
 Sec. 1s7. Where . drawee to whom bill Is delivered for acceptance de- stroys 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 aceuted or nor-ar~epfsd "a th. hAIs.. he will be deemed to have accepted the same. Sec. 1ss. bill may be accepted be- fore 1t has been signed by the drawer, or while otherwise incomplete. or when it is overdue. or after 1t has been dis honored by previous refusal to ac- cept. or by non payment. But when c bill payable after sight is dishonorsd by non-acceptance and the drawer sub ssauently accepts 1t, the holder. in ths absence of any different agreement ia entitled to have the bill accepted as of the date of the first presentment.
 Sec. iss. An acceptance Is either general or qualified. A general accept ence assents without qualification to tha order of the drawer. A qualified ao- neptance in express terms varies the effect of the bill as drawn.
 Sec. 14o. An acceptance to pay at q particular place is a general accept nnce unless it expressly states that the bill Is to be paid there only .and not elsewhere.
 Sec. l4l. An aceptancs is ouaiinsd which is:
 l. Conditional: that is to say. which makes payment by the acceptor de- pendent upon the fulflimant of . con- dition therein stated.
 2. Partial: that is to say. an accept snca to pay part only the amount for which the bill Is drawn,
 2. Local; that is to say an acept- ance to pay only at particular place.
 l. Qualified as to time
 $. The aeeptance of some one or more of the drawees. but not all.
 Sec 142. The holder may refuse to take a qualified acceptance and if he does not obtain an unqualified accept ance. he may treat the bill as dishonor- cd by non-aceeptance. Where a quali- fled acceptance Is taken, the drawer and indorsers are discharged from fia- bility on the bill. unless they have ex- pressly or impliedly authorized the hold CT to take a qualified acceptance, or subsequently assent thereto. When the drawer or an indorser receives notice of qualified acceptance. he must with in a reasonable time express his dis sent to the holder. or he will be deern- ed to have assented thereto.
 Presentment Fer Aceeptance.
 Sec. 143. Presentment for acceptance must be made:
 l. Where the bill iR payable after sight. or in any other case where pre- sentiment for acceptance is necessary in order to fix the maturity of the in strument; or,
 3. Where the bill expressly stipu- lates that 1t shall be presented for ae- ceptance; or
 5. Where the bin ia drawn payable elsewhere than at the residence or place of business of the drawea.
 In no other case is preaentment for acceptance necessary in order to render any party to the bill liable.
 Sec. IA. Except as herein otherwise provided. the holder of a bill which is required by the next preceding section to be presented for aceptance must either present 1t for acceptance or ne- gotiate 1t within reasonable time It he falls to do so. the drawer ana the indorsers are discharged.
 See. 145. PreEentment for aeeptance must be made by or on behalf of the holder at . reasonable hour. on husi- ness day, and before the bill iS over due, to the drawer or some person au- thorized to accept oP refuse acceptance on his behalf; and.
 1. When a bill is addressed to two or more drawees who are not partners
  all, unless enc 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. pre- sentiment may be made to his personal representatives.
 ., Where the drawee has been ad- judged bankrupt or an insolvent. or has made an assignment for the benefit of his creditors. presentment may be made to him or to his trustees or as- signee.
 See. 14s. A bill may be presented for acceptance on any day which ne- gotiable instruments may be presented for payment under the provisions of Sectiorfs Seventy-two and Eighty-five of this act. when Saturday is not otb' erwise a holiday, presentment for ae- ceptance may be made before twelve o'clock noon an that day,
 Sec I47. Where the holder of a bill drawn elsewhere than at the place of business or residence of the drawee has not time, with the exercise of req, sonable diligence. to present the olil for acceptance before presenting 1t for payment on the day that 1t falls due' the delay caused by presenting the bill for acceptance before presenting It TOT payment is excused and does not ols- charge the drawers and indorsers'
 Sec. 14s. Presentment for accept ance 10 scxused and a hill 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 2 person SI. r,S. not having capacity to con
 where aftar tha exercise of req