The Birmingham age-herald., 1909-09-16

l non-acceptance 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 fit. Acceptance.
 Sec 132. The acceptance of the bill is
 the signifieation by the drawee of his
 assent to the order of the drawer The
 acceptance must be in writing and singed by the drawee It must not express that
 the drawee will perform his promise by
 any other means than the payment of
 money.
 Sec- lSS The holder of the bill pre-
 Sehting the same for acceptance may re- toNe .hat the acceptance be written on
 ene pil and if such request is refused
 may treat the bill as dishonored. + Ao4' where an acceptance is writ
 st ten on paper other than the bill itself. l U ooes not bind the acceptor excent in Iavor Of the person to whom if Ia sbou, ana who, in the faith theraof raaat,a | the bill for value. teeeiNes Sec. 135. An unconditional ,,ro., l..
 writing to accept the bill before if Ia
 ul"wh s IS deemed an actual acceptance
 III laVor or every person who, upon tha faith thereof, receives the bill for va,,,S
 sec loo. The drawee is allowed twenty TOUT hours after presentment in which ~ oeciue whether or not he will accent | the bill, but the acceptance if given oates as of the day of presentation. sec. lS1 Where a drawee to whom A hill is uehVered for acceptance destroys inc
 same or refuses within twenty-four hours atter such delivery or within such other | period as the holder may allow. to ra- | turn the bill accepted or non-accepted to
 the holder, he will be deemed to have ac- l cepted the same
 Sec. 13S. bill may be accented he. l fore it has been signed by the drawar
 or while otherwise incomplete, or when l 1t Is overdue, or after it has been dis | honored by a previous refusal to ac-
 cept, or by non-payment. But when a l bill payable after sight is dishonored by | non-acceptance and the drawer subse- quently accepts 1t. the holder, in the ab-
 sence of any different agreement. is
 entitled to have the bill accepted as of
 the date of the first presentment. | Sec. 13s An acceptance is either gem ! eral or qualified. A general acceptance assents without qualification to the or der of the drawer. A qualified accept- ance in express terms varies the effect of the b'll as drawn.
 Sec. l4O. An acceptance to pay at l particular place is a general acceptance unless it expressly states that the bill
 is to be paid there only and not else where.
 Sec. Al An acceptance is qualified | which is
 1. Conditional; that Is to say, which
 makes payment by the acceptor depend ent upon the fulnllment of condition therein stated.
 ?. Partial, that is to say, an accept , ance to pay part only the amount for which the bill Is drawn. 3. Local, that is to say, an acceptance to pay only at a particular place. 4. Qualified as to time. 5. The acceptance of some one or more of the drawees, but not all. Sec 142 The holder may refuse to take
 8 qualified acceptance, and If he does not obtain an unqualified acceptance, he may treat the bill dishonored by non-ac- ceptance. Where qualified acceptance
 is taken, the drawer and indorsers are discharged from liability on the bill, un- less they have expressly or impledly au-
 thorized the holder to take a qualified acceptance, or subsequently, assent there to. When the drawer or an indorser re- ceives notice of a qualified acceptance, l he must within reasonable time ex- press his dissent to the holder, or he will
 be deemed to have assented thereto.
 Presentment for Acceptance. | Sec. 143. Presentment for acceptance
 must be made:
 1 1. Where the bill is payable after sight,
 or in any other case where presentment 1 for acceptance Is necessary In order to ] fix the maturity of the instrument; or.
 2. Where the bill expressly stipulates
 that 1t shall be presented for acceptance; l or 1 S. Where the bill is drawn payable
 elsewhere than at the residence or place l of business of the drawee.
 In no other case Is presentment for ac- l ceptance necessary in order to render any | party to the bill liable. | II.
 provided, the holder of 8 bill which is
 required by the next preceding section to
 be presented for acceptance must either present 1t for acceptance or negotiate it
 within reasonable time. If he fails to
 do so tho drawer and the indorsers are l discharged.
 l Sec 145 Presentment for acceptance
 must be made by or on behalf of the | holder at reasonable hour, on a bus
 mess day, and before the bill Is overdue, 1 to the drawer or some person authorized 1 to accept or refuse acceptance on his !, behalf; and,
 l l. When bill is addressed to two or
 more drawees who not partners, pre-
 sentiment must be made to them all, 1 less one has authority to accept or re- l fuse acceptance for all, in which case
 presentment may be made to him only.
 g. Where the drawee is dead, present.
 ment may be made to his personal repre- | sentatives.
 g. Where the drawee has been ad- | judged a bankrupt or an insolvent, or 1 has made an assignment for the benefit | of his creditors presentment may be | made to him or to his trustees or as- 1 signee.
 | Sec. 146. A bill may be presented for | acceptance on any day which negotiable l instruments may be presented for pay
 ment under the provisions of Sections l Seventy-two and Eighty-f1ve of this act | When Saturday Is not otherwise a holi- l day, presentment for acceptance may be 1 made before twelve o'clock noon on that l day.
 | Sec 147. Where the holder of bill | drawn elsewhere than at the place of | business or residence of the drawee has | not time, with the exercise of reasonable | diligence to present the bill for accept
 ance before presenting 1t for payment
 on the day that 1t falls due. the delay l caused by presenting the bill for accept | ance before presenting 1t for payment is l excused and does not discharge the | drawers and indorsers.
 Soc. 14S. Presentment for acceptance | is excused and q bill may be treated as | dishonored by non-acceptance In eitner l of the following cases: l l. Where the drawee is dead or has
 absconded or Is fictitious person or l person not having capacity to contract 1 by bin.
 2. Where after the exercise of reason- | able diligence presentment can not be | made.
 Where although presentment has