PART II

ACCEPTANCE

 

Section 927.- Up to maturity, a bill of exchange may be presented to the drawee for acceptance at the place where he resides, either by the holder or by a simple possessor.

In any bill of exchange, the drawer may stipulate that it shall be presented for acceptance, with or without fixing a limit of time for presentment.

Except in the case of a bill drawn payable at a particular place other than the drawee’s domicile or a bill drawn payable at a certain time after sight, the drawer may prohibit presentment for acceptance.

The drawer may also stipulate that presentment for acceptance shall not take place before a certain date.

Every indorser may stipulate that the bill shall be presented for acceptance with or without fixing a limit of time for presentment, unless the drawer has prohibited acceptance.

 

Section 928.- The holder of a bill of exchange payable at the end of a period after sight must present it for acceptance within six months from its date, or within such shorter or longer time as specified by the drawer.

 

Section 929.- Subject to the provisions of Section 927, the holder of a bill of exchange has a right to present it to the drawee immediately for acceptance ; and if it has not been accepted within twenty-four hours, the holder has a right to protest it.

 

Section 930.- When a bill of exchange is presented for acceptance, the holder is not obliged to leave it in the hands of the drawee.

The drawee may demand that a bill of exchange shall be presented to him a second time on the day after the first presentment. Parties interested are not allowed to set up that this demand has not been complied with unless the demand is specified in the protest.

 

Section 931.- An acceptance is written on the face of the bill of exchange. It is expressed by the word “accepted”, or any other equivalent term and signed by the drawee. The mere signature of the drawee on the face of the bill constituted an acceptance.

 

Section 932.- Where a bill of exchange expressed to be payable at a fixed period after date is issued undated, or where the acceptance of a bill payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance and the bill shall be payable accordingly.

Provided that where the holder in good faith and by mistake inserts a wrong date and in every case where a wrong date is inserted, if the bill subsequently comes into the hands of a lawful holder, the bill shall not be avoided thereby but shall operate and be payable as if the date so inserted has been the true date.

 

Section 933.-  If the acceptance is not dated, the last day of the period fixed for acceptance is deemed to be the day of acceptance.

 

Section 934.- Where the drawee, who has put his acceptance on the bill of exchange, has cancelled it before the bill has left his hands, acceptance is deemed to be refused ; nevertheless, the drawee is bound, according to terms of his acceptance, if he has cancelled it after he has in writing informed the holder or any other party who has signed the bill that he has accepted it.