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







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