Page:United States Statutes at Large Volume 76A.djvu/352

–256– -256§ 4489. General 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. § 4490. Qualified acceptance An acceptance is qualified which 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 acceptance to pay part only of 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 of all. § 4491. Qualified acceptance; rights of parties The holder may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance he m&j 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 authorized the holder to take a qualified acceptance, or subsequently assent thereto. When 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. Article C—Presentment for Acceptance § 4501. Necessity of making presentment for acceptance Presentment for acceptance must 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 instrument; or (2) where the bill expressly stipulates that it shall be presented for acceptance; or (3) where the bill is drawn payable elsewhere than at the residence or place of business of the drawee. Presentment for acceptance is not necessary in any other case in order to render any party to the bill liable. § 4502. Failure to present as releasing drawer and indorsers Except as herein otherwise provided, the holder of a bill which is required by section 4501 of this title 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. § 4503. Time for making; persons to whom made Presentment for acceptance must be made by or on behalf of the holder at a reasonable nour, on a business day and before the bill is overdue, to the drawee or some person authorized to accept or refuse acceptance on his behalf; and: (1) where a bill is addressed to two or more drawees who are not partners, presentment must be made to them all, unless one 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, presentment may be made to his personal representative;

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