Under our law a promise to accept is not an accept ance, tho the drawee who gives such a promise could be held liable on his contract, tho not as an acceptor. The act is explicit in stating that the acceptance must be written on the bill, and while at one time a verbal acceptance was binding, it is not so now. The drawee may accept a bill on the day of its due presentment to him for acceptance, or at any time within two days thereafter. If it is not so accepted, the holder should treat it as dishonored by non-acceptance. If he does not treat the bill as dishonored, the holder loses his right of recourse against the drawer and in dorsers.
3. Facts which acceptor admits, and facts which he does not acceptor of a bill, by accepting it, is precluded from denying to a holder in due course the existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill. If the bill is payable to the bearer's order, the acceptor is precluded from denying the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement. If the bill is payable to the order of a third person, the acceptor cannot deny to a holder in due course the existence of the payee and his then capacity to indorse, but is not precluded from denying the genuineness or validity of his indorse ment. By this is meant that the acceptor, by the act of acceptance, admits and warrants to a bona fide holder that the payee has capacity to indorse, but he does not warrant the validity or genuineness of the indorsement.
4. Kinds of acceptance is either general or qualified. A general acceptance assents without qualification to the order of the drawer. A general acceptance will be implied where the acceptor has written his name, with the word "accepted," across the face of the bill. A qualified acceptance in express terms varies the effect of the bill as drawn. An ac ceptance is qualified which is: (a) Conditional, that is to say, which makes pay ment by the acceptor dependent on the fulfil ment of a condition therein stated.
(b) Partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn.
(c) Qualified as to time.
(d) The acceptance of some one or more of the drawees, but not of all.
While a bill of exchange is an unconditional order to pay, the acceptance is none the less valid if condi tional. The acceptor is liable upon the fulfilment of the condition. Thus, an acceptance is conditional when it is in the following terms: "If a certain house shall be finished"; "when in the estate of C"; "as soon as he should sell such goods"; "on condi tion that it be renewed." But an acceptance to pay
at a specified place is not on that account conditional or qualified. A distinction is drawn between an ac ceptance which changes the place of payment, which is a qualified acceptance, and an acceptance which merely adds another place, which is not a qualified acceptance.
The holder of a bill may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance, may treat the bill as dishonored by non acceptance. If the drawer or indorser of a bill re ceives notice of a qualified acceptance and does nztt within a reasonable time express his dissent to the holder, he is deemed to have assented. When a quali fied acceptance is taken, and the drawer or indorser has not expressly or impliedly authorized the holder to take or does not subsequently assent thereto, the drawer or indorser is discharged from his liability on the bill. This rule does not apply, however, when notice has been given of a partial acceptance. The holder who takes a qualified acceptance really does so at the risk of releasing the drawer and indorser, unless they assent, as above explained.
5. Who may drawee to whom a bill is addressed must accept it. The authorized agent of the drawee may, however, accept for him. The rule suffers an exception or two. The drawer of a bill, or an indorser, may insert in the bill the name of a per son who shall be called the referee in case of need, to whom the holder may resort, that is, in case the bill is dishonored by non-acceptance or non-payment. But it is at the option of the holder to resort to the referee in case of need, as he thinks fit. And when a bill of exchange has been protested for dishonor by non-acceptance, or has been protested for better se curity, and is not overdue, any person who is not a party already liable on the bill may, with the consent of the holder, intervene and accept the bill after pro test for the honor of any party liable on it, or for the honor of the person for whose account the bill is drawn. The acceptor for honor is only secondarily liable on the bill. By accepting, he engages that he will, upon the bill being properly presented, pay it according to the tenor of his acceptance, if it is not paid by the drawee. But in order to hold the acceptor for honor, the bill must be duly presented to the drawee for payment, and be protested if not paid. Notice a these facts must be given to the acceptor for honor.