The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05

Sec. 131 Referee in Case Of Need.
The drawer of a bill and any indorser
may insert thereon the name of a
person to whom the holder may resort
in case Of need, that is to say in case
the bill is dishonored by non-accept-
ance or non-payment. Such person
is called the referee in case OF need.
II is in the option of the holder TO
resort to the referee in case Of need
or not as he may see fit.
ARTICLE II.
ACCEPTANCE.
Sec. 1872 Acceptance; How Made,
ct cetera. The acceptance of a bill
is the Specification by the drawee Of
his assent to the order of the drawer.
The acceptance must be in writing
and signed by the drawee. 1t must
not express that the drawee will per-
form his promise by any other means
than the payment of money.
Sec. 1873. Holder Entitled to Ac-
ceptance on Face of Bill The holder
of a bill presenting the same for ac-
ceptance may require that the accept
ance be written on the bill and, if
such request is refused, may treat the
bill as dishonored.
Sec. 1874. Acceptance by Separate
Instrument. Where an acceptance is
written on a paper other than the bill
itself. it does not bind the acceptor
except in favor of a person to whom
It is shown and who, on the faith
thereof, receives the bill for value.
f1 lNhap
Equivalent to Acceptance. An uncon-
ditional promise in writing TO accept
bill before 1t is drawn is deemed
an actual acceptance in favor of
every person who upon the faith
thereof receives the bill for value.
Sec. 1856. Time Allowed Drawee to
Accept. The drawee is allowed TWEEN
ty-four hours after presentment, in
which to decide whether or not he
will accept the bill; but the accept
ance, IL given: dates as of the day of
presentation.
Sec 1877 Liability of Drawee Re-
tanning or Destroying Bill. Where a
drawee to whom a 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-accept-
ed to the holder, he will be deemed
to have accepted the same.
Sec. 1873. Acceptance of Incomplete
Bill. A bill may be accepted before
it has been signed by the drawer, or
while otherwise incomplete, or when
It is overdue, or after 1t has been dis
L., tN
cept, or by non-payment. But when a
bill payable after sight is dishonOred
by non-acceptance and the drawee sub
sequently accepts it, the holder. in the
absence of any different agreement, is
entitled to have the bill accepted as
of the date of the first presentment.
Sec 1879. Kinds of Acceptances. An
acceptance is either general or quail
fed. A general acceptance assents
without qualification to the order Of
the drawer A qualified acceptance in
express terms varies the effect of
the bill as drawn.
Sec. 40. What Constitutes a Gen
eral Acceptance. An acceptance to
pay at a particular place is a general
acceptance, unless it expressly states
that the bill is to be paid there only
and not elsewhere.
Sec. 141. Qualified Acceptance. An
acceptance is qualified, which is:
Cd Conditional that is to say,
which makes payment by the accept
or dependent on the fulfillment of a
condition therein stated
90 Partial, that is to say, an ac-
ceptance TO pay part only of the
amount for which the bill is drawn;
CD Local, that is to say. ar accept
ance to pay only at particular place;
(D Qualified as to time;
60 The acceptance of some one
or more of the drawees, but not of
all.
See. 142. Rights of Parties as to
Qualified Acceptance. The holder
may refuse to take qualified accept
ance, and if he does not obtain an I'M
qualified acceptance, he may treat the
bill as dishonored by non-acceptance.
Where a qualified acceptance is taken
the drawer and indorsers are dis
charged from liability on the bill, .un-
less they have expressly or implicitly
authorized the holder to take quail
fled acceptance, or subsequently as
sent thereto. When the drawer or an
indorser receives notice of a qualified
acceptance, he must, within a reason
able time, express his dissent to the
holder, or he will be deemed TO have
assented thereto.