Section 935.- 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.

In particular, an acceptance is qualified which is conditional or partial.

 

Section 936.- The holder of a bill of exchange may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance, may treat the bill as dishonoured by non-acceptance.

Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorised the holder to take a qualified acceptance, or does not subsequently assent thereto, such drawer or indorser is discharged from his liability on the bill. These provisions do not apply to a partial acceptance, whereof due notice has been given.

Where the drawer or indorser of a bill receives notice of a qualified acceptance, and does not within a reasonable time express his dissent to the holder he shall be deemed to have assented thereto.

 

Section 937.- By acceptanceof the bill of exchange the drawee becomes bound to pay the amount accepted according to the tenor of his acceptance.

 

PART III

AVAL

 

Section 938.- Payment of a bill of exchange may be wholly or partly guaranteed by a surety called “aval”.

An aval may be given by a third person or even by any party to the bill.

 

Section 939.- An aval is either given on the bill itself or on an allonge.

It is expressed by the words “good as aval” or by any equivalent expression. It is signed by the giver of the aval.

It is deemed to be constituted by the mere signature of the giver of the aval placed on the face of the bill, except in case of the signature of the drawee or of the drawer.

An aval must specify for whose account it is given. In default of this, it is deemed to be given for the drawer.

 

Section 940.- The giver of an aval is bound in the same manner as the person whom he guarantees.

His engagement is valid even when the liability which he has guaranteed is inoperative for any reason other than defect of form.

He has, when he pays the bill of exchange, the right to recourse against the person whom he has guaranteed, and the persons responsible for the latter.