Beruflich Dokumente
Kultur Dokumente
B. Acceptance
1. Acceptance, Defined (Sec. 132): Acceptance is the signification by the drawee of his agreement to the order of drawer. Acceptance should be in writing and signed by the drawee. Acceptance is usually made by writing across the face of the bill the word Accepted with the date of acceptance and the signature of the drawee. If the holder requires that acceptance be written on the bill and the drawee refuses, the holder may treat the bill as dishonored (Sec. 133).
B. Acceptance
2. Types of Acceptance:
a. Acceptance by writing on the bill (Sec. 133) b. Acceptance by writing on separate instrument (Sec. 134) in order to bind the acceptor, i) the acceptance must be shown to the person to whom the instrument is negotiated, ii) such person must take the bill for value on the faith of such acceptance c. Unconditional promise to accept (Sec. 135) an unconditional promise in writing to accept a bill before it is drawn is deemed an actual acceptance in favor of any person who, upon the faith of the promise, receives the bill for value. d. Constructive acceptance (Sec. 137) if the drawee destroys a bill delivered for acceptance or refuses to return it within 24 hours, the bill will be deemed accepted.
B. Acceptance
3. Period to Accept (Sec. 136): The drawee has a period of 24 hours after presentment to decide whether or not to accept the bill. However, acceptance, once given, dates as of the day of presentment.
B. Acceptance
4. Incomplete Bill (Sec. 138): A bill may be accepted in the following cases; a. before it has been signed by the drawer b. while still incomplete in other respects c. when it is overdue d. after it has been dishonored by a previous refusal to accept or non=payment.
B. Acceptance
5. Kinds of Acceptance (Sec. 139): a. General acceptance agrees without qualification to the order of the drawer b. Qualified acceptance varies in express terms the effect of the bill as drawn, such as an acceptance which is: i. conditional; ii. partial; iii. local, or sets payment only at a particular place; iv. qualified as to time; v. the acceptance of only one or more of the drawees, but not all
B. Acceptance
6. Rights of Parties if Qualified Acceptance (Sec. 142): a. Holder may refuse to take a qualified acceptance and may treat the bill as dishonored by non-acceptance b. Drawer and indorsers if a qualified acceptance is taken by a holder, the drawer and indorsers are discharged, except if: i. they express authorized the holder to take a qualified acceptance; ii. subsequently assent to a qualified acceptance. Upon notice of a qualified acceptance, the drawer and indorser must express their dissent, otherwise, they will be deemed to have assented to the qualified acceptance.