Page:United States Statutes at Large Volume 47 Part 1.djvu/1347

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . and payable within the Canal Zone. Any other bill is a foreign bill. Unless the contrary appears on the pace of the bill, the holder may treat it as an inland bill. Bi ll trea ted as prom- SEC. 1529. BILL TREATED AS PRO MISS ORY NOTE .-Where in a bill issory note. drawer and drawee are the same person, or where the drawee is a fictitious person, or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or a promissory note. Ref er ee to cas e of SEC. 1530. REFEREE IN CASE OF NEED.-The drawer of a bill and need. 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 nonacceptance or nonpayment. 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. 1531. ACCEPTANCE .-The acceptance of a bill is the signifi- cation by the drawee of his assent to the order of the drawer. The acceptance must be in writing and signed by the drawee. It must not express th at the drawee w ill perform his promise by any o ther means than the payment of money. SEC. 1532. HOLDER ENTITLED TO ACCEPTANCE ON FACE OF BILL .-The holder of a bill presenting the same for acceptance may require that the acceptance be written on the bill and, if such request is refused, may treat the bill as dishonored. SEC. 1533. 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. SEC. 1534. PROMISE TO ACCEPT .-An unconditional promise in writ- ing to accept a bill before it is drawn is deemed an actual acceptance in favor of ev ery person who, upon the faith thereof, receive s the bill for value. SEC. 1535. TIME ALLOW ED DRAW EE TO ACCEPT .-The drawee is allowed twenty-four hours after presentment in whic h to decide whether or not he will accept the bill ; but the acceptance, if given, dates as of the day of presentation. SEC. 1536. LIABILITY OF DRAWEE RETAINING OR DESTROYING BILL.- Where a drawee to whom a bill is delivered fo r acceptance des troys t he same, or refu ses within twen ty-four hours af ter such deliver y, o r within such ot her period as t he holder may al low, to return t he bill acc epted or nonaccept ed to the holder, he will b e deemed t o have accepted the same. SEC. 1537. ACCEPTANCE OF INCOMPLETE BILL.-A bill may be accepted before it has been signed by the drawer, or while otherwise incomple te, or wh en it is overdue, or after it has be en dishono red by a previous refusal to accept, or by nonpayment. But wh en a bill payable after sight is dishon ored by nonaccep tance and the dr awee subsequently accepts it, the holder in the absence of any different agreement, is entitled to have the bill accepted as of the date of the f irst pres entment. SEC. 1538. KINDS OF ACCEPTANCE .-An acceptance is either general or qualified. 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. 1539. KINDS OF ACCEPTANCE.-An acceptance to pay at a par- ticular place is a general acceptance, unless it expressly states that the bill is to be paid there only and not elsewhere. Acceptance. 1323 Holder entitled to acceptance on face of bill. Acceptance by sepa- rate Instrum ent. Promi se to accept. Time allowed drawee to accept. Liability of drawee retaining or destroying bal. Acc ept anc of in- complete bill. Kinds of acceptance.