Presentment for acceptance - rules relating to acceptance, Business Law and Ethics

Presentment for Acceptance - Rules Relating To Acceptance

Even though a bill must be presented to with acceptance and be accepted through the drawee in order to render him liable at the bill, while it is not in fact necessary, like general rule, the holder of a bill to present it for acceptance also. Thus he can hold on to it, although unaccepted, until maturity or may like he can negotiate to a third party, because a bill that has not been accepted will in like practice be much harder to pass at for such value there.

However the only occasions whether the Act in fact stipulates like a bill must be presented for acceptance are: like;

(i) Where the bill is payable at a fixed period like "after sight".  Perhaps in this case, such the bill must be represented for acceptance in order just to fix the maturity date there.

(ii) Where the bill expressly stipulates such is shall be represented for acceptance there.

(iii) Where the bill is drawn payable elsewhere rather at the residence or may place of the drawee of business. Like Section 39.

Posted Date: 2/1/2013 7:40:29 AM | Location : United States







Related Discussions:- Presentment for acceptance - rules relating to acceptance, Assignment Help, Ask Question on Presentment for acceptance - rules relating to acceptance, Get Answer, Expert's Help, Presentment for acceptance - rules relating to acceptance Discussions

Write discussion on Presentment for acceptance - rules relating to acceptance
Your posts are moderated
Related Questions
Incorporation  Osborne's "Concise Law Dictionary" defines incorporation as a "merging together to form a single whole; conferring legal personality upon an association of indi

SECURED CREDITORS: A secured creditor may: (a) realize his security and prove as an unsecured creditor for the balance (if any) of his debt; (b)value the security and prov

What is the meaning of Inertia of Expectation We now move a bit away from the political economy of policy process to look into the inherent currents responsible for inaction an

QUESTION John, an employee, at Mauricia Travel Ltd, wishes to set up a trade union. He has been told that trade unions are very beneficial to employees and if trade unions and

Power to dispense with the word "Limited":                             Although s.5 provides that the last word of the name of a limited company must be "limited" this would n

Irene walked into a store carrying a bottle of soda she had purchased a few days earlier. While in the store, she opened the bottle of soda and was drinking it while she

What are the functions and powers of the United Nations General Assembly? The functions and powers of the United Nations General Assembly are as illustrated here: • To see a

Subrogation - Void Contracts       However in Re National Permanent Benefit Building Society would the court stated that where an infant obtains a loan for necessaries and real

Accounts to be Annexed to Balance Sheet: By S.156 (1) the profit and loss of account, and, thus far as not incorporated in the balance sheet or profit and loss of account, any

Leases - Voidable Contracts However a lease granted to an infant is binding on him unless he repudiates it then within a reasonable time after attaining the age for eighteen.