Page:United States Statutes at Large Volume 47 Part 1.djvu/1348

 1324 Qualified acceptance. Rights of parties. Wh en pres entmen t must be made. Post, P. 1326. Time for. To whom must be made. 72d CO NGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . SEC. 1540. QUALIFIED ACCEPTANCE .-An acceptance is qualified whi ch is- (1) Conditional ; that is to say, which makes payment by the acceptor dependent on the fulfillment of a condition therein stated (2) Partial ; that is to say, an a cceptance to pay part only of th e 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 of all. SE C. 1541 . RIGHTS OF PARTIES AS TO QUALIFIED A CCE PT ANC ES .-The holder may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance he may treat the bill as dishonored by nonacceptance. Where a qualified acceptance is taken the drawer and indorsers are discharged from liability on the bill, unless they have expressly or impliedly au thorized the hol der to take a qu alified acceptance, or subsequently assent thereto . Wh en the drawer or an indorser receives notice 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 . PRESENTMENT FOR ACCEPTANCE SEC . 1542 . W HEN PRESENTMENT FOR ACCEPTANCE MUST BE MADE.- Presentment for ac cep ta nce m ust be made- (1) Where the bill is payable after sight, or in any other case, where presentment for acceptance is necessary in order to fix the maturity of the instrume nt ; o r (2) Where the bill expressly stipulates that it shall be presented for acceptance ; or (3 ) Where the bill is draw n payabl e elsewh ere than at the resi- dence or place o f business of th e drawee. In no other case is presentment for acceptance necessary in order to render any 'party to the bill liable. CROSS REFERENCE Presentment, when excused, see section 1547. SEC. 1543. TIME FOR PRESENTMENT .-Except as herein otherwise provided, the holder of a bill which is required by section 1542 to be presented for acceptance must either present it for acceptance or negotiate it within a reasonable time. If he fails to do so, the drawer and all indorsers are discharged. SEC. 1544. To WHOM PRESENT MENT FOR A CCEPTANCE MU ST BE MADE .-Presentment for acc ep tan ce mu st be m ade by or on behalf of the holder at a reasonable hour, on a business day and before the bill is overdue, to the • d rawee or so me pe rson, autho rized to accept or refuse acceptance on his behalf ; and- (1) Where a bill is add resse d to two or more draw ees wh o are not partners, presentment must be made to them all, unless. one has authority to accept or refuse acceptance for all, in which case p resent ment may be made to him only ; (2) Where the drawee is dead, presentment may be made to his p erso nal rep rese nta tive ; (3) Where the drawee ' has been adjudged a bankrupt or an insolven t or has made an assignm ent for the benef it of cr editors, presen tment may be made to him or to his trustee or assignee.