Drawee not bound to accept. Duty of the holder to pro- Bill may be accepted for honor. given within the time prescribed for the presentation for acceptance. In case of refusal of acceptance by the drawee any one may accept the bill for honor. The party so accepting must notify the same to the party for whose honor he has accepted. The acceptance has the effect of binding the party to pay the bill in the same manner as if it had been drawn upon himself. But the holder may demand from the drawer and indorsers either a security or the payment of the bill (a). Sweden. When the bill is presented for acceptance the drawee must declare within twenty-four hours if he will accept or not. If he does not accept within this time he is deemed to have refused. The drawee is not bound to accept the bill unless he is legally bound towards the drawer. The acceptance cannot be demanded on a Sunday or holiday. It is expressed by the word "accepted" written on the bill itself, and followed by the signature. The acceptor is bound to pay the bill even when the drawer has become bankrupt before the acceptance. The wife cannot accept for her husband, nor the agent for his principal, without an express authority, notice of which has been given to the tribunal. In case of refusal of acceptance the holder must protest the bill in twenty-four hours. The protest is made in towns by a notary, or a magistrate and a witness; and in the country by a municipal notary and two witnesses. A protest may be made from 9 o'clock in the morning to 6 in the evening. The holder must notify the protest to his indorser, and he cannot go against another indorser without giving him notice in the twenty-four hours after he gets the protested bill. A bill of exchange protested for non-acceptance by the drawee may be accepted by a third party for the honor of the drawer or of one of the indorsers. The fact of its being an acceptance for honor must be stated on the bill, and the acceptor must show for whom he accepts. The holder then delivers to him the act of protest, and the acceptor for honor pays him the expense. The party offering to accept for the honor of the drawer is preferred to the party offering to accept for the honor of the indorser, and generally preference is given to the party who discharges most persons. But when a person is indicated in the bill to have recourse to in case of (a) Spanish Code of Commerce, $$ 455-465, and 511-533. need, then he is preferred above all others. When the bill has been accepted under protest for honor the drawee can no longer recall his refusal to accept, or offer to give also his acceptance, unless the person who has accepted for honor consents to it, being reimbursed of the expense of protest, besides a commission of half per cent. The holder may refuse an acceptance for honor, and exercise his recourse against the drawer and indorsers. He may also, even in receiving such acceptance, exact from the drawer and indorsers a security for the payment of the bill when due (a). Switzerland. Bale.-The acceptance cannot be revoked even in case of error. If a person accepts by mistake several copies of the same bill, he may exercise his rights against the party who has made a double use of the bill, but not against the lawful holders. The drawee who has accepted a bill is responsible for the effect of his acceptance for one month after the bill is due. After this time the holder ceases to enjoy the rights attached to bills of exchange, and acquires only a civil debt. The drawer and indorsers of a bill are jointly responsible for the acceptance and payment of a bill, unless the indorser has put some expression in the indorsement freeing himself from any responsibility. If any person is nominated to accept and pay "in case of need," the holder must present the bill to him after having protested it. Zurich.-The acceptance may be asked upon a bill payable at a certain time after date, as well as upon a bill payable after sight. It must be written and signed by the hands of the acceptor or his agent. A verbal acceptance, or an acceptance sent by letter, does not produce any effect. Drawee can not recall his refusal, once accepted for the bill was honor. SECTION XI. PRESENTMENT FOR PAYMENT. BRITISH LAW. payment. It is the duty of the holder to present the bill for payment at Bill must be the time the bill becomes due, where such a time is specified, presented for and if no time be specified, within a reasonable time after the receipt of the bill (b). The bankruptcy, insolvency, or death of the drawee, or his (a) Swedish Ordinance of 1748. (b) Appleton v. Sweetapple, 1 T. R. 269. What will excuse presentation. removal from his place of business, does not excuse presentment, though want of effects in the hands of the drawee will excuse presentment (a). And where such presentment was rendered impossible by the existence of war, the holder will be excused, provided he presented the bill for payment as soon as practicable (b). Bills accepted, generally payable at the house of a banker or other place without further expression, may be presented for payment either at the acceptor's residence or at the banker's; but bills accepted, payable at a banker's house or other place only, and not otherwise or elsewhere, must be presented at the banker's house (c). Where a bill is thus accepted in a qualified manner, and such qualification is embodied in the body of the bill, if presentation be made at any other place than therein indicated, the acceptor will be discharged (d). In all cases, however, presentment at the place named in the acceptance is held sufficient (e). Presentment must be made by the holder or by his agent duly authorized and competent to give a legal receipt for the money (ƒ). The presentment should be made to the drawee in person, if possible, at his residence or at the place especially designated for payment. It is the duty of the holder to find out the residence of the drawee, but if the house be found shut it will be sufficient if presentment be made at the door of his former residence (g). In the absence of the drawee himself, presentment to his wife or agent will be sufficient (h). If the drawee is dead presentment should be made to his personal representative, and when there is no representative the bill should be presented at the house of the deceased (i). (a) Russell v. Langstaff, 2 Doug. 514; Robson v. Olliver, 10 Q. B. 704 ; Howe v. Bowes, 16 East, 112; Terry v. Parker, 6 Ad. & E. 502; Orr v. Maginnis, 7 East, 361. (b) Patience v. Townley, 2 Smith, 223. (c) 1 & 2 Geo. 4, c. 78, s. 1. (d) Halstead v. Skelton, 5 Q. B. 86; Sebag v. Abitbol, 4 M. & S. 462; Turner v. Hayden, 4 B. & C. 1; Rhodes v. Gent, 5 B. & Ald. 244. (e) De Begareche v. Pillin, 3 Bing. 476; Shelton v. Braithwaite, 8 M. & W. 252; Wilmot v. Williams, 7 M. & (f) Robarts v. Tucker, 16 Q. B. 560. (g) Collins v. Butler, 2 Stra. 1087; Bateman v. Joseph, 12 East, 433; Hyne v. Allely, 4 B. & Ald. 624; Sands v. Clarke, 8 B. & C. 751. (h) Cromwell v. Hynson, 2 Esp. 509; Giles v. Bourne, 2 Chitty, R. 300; Rowe v. Young, 2 B. & B. 165. (i) Caunt v. Thompson, 7 C. B. 400. Presentment must be made on the very day when the bill or note falls due. Presentment before or after is not sufficient (a). The time of maturity in this country is computed according to the Gregorian Calendar, called the new style (b), though the old style is still adhered to in the countries where the Greek church predominates. In computing the time, the day of the date or of the acceptance of the bill or note is always excluded (c). When the foreign bill is drawn at usance, or at so many usances, the duration of such usances depends on the custom of trade, and they are calculated exclusive of the day of the date of the bill (d). In bills and notes payable at one, two, or more months after date or sight, the month is computed at a calendar month, and not a lunar month (e). When the month in which the bill is dated is longer than the following month the rule is not to go to the third month. In bills payable at so many days after sight, the days are computed from the day of acceptance, but exclusive of the same (f). Bills or notes payable at usances or after date, or after sight, or even at sight, are only payable after the expiry of three days of grace (g). But no days of grace are allowed on bills payable on demand (h). Bills and notes falling due on a Sunday, Christmas Day, Good Friday, or any other great holiday or day of thanksgiving appointed by royal proclamation, are payable the day before, and must be presented on that day (). Bills and notes payable on demand must be presented within a reasonable time after receipt, the holder being required to use due diligence in obtaining payment, having regard to the surrounding circumstances and opportunities (k). Presentment for payment should be made at a reasonable hour of the day; if at a banker's house, within banking hours (), and if at the counting house or residence of the drawee, at any time within the day, even up to eight o'clock. Government (a) Wiffen v. Roberts, Esp. 261. (b) 24 Geo. 2, c. 23. (c) Bellasis v. Hester, 1 Ld. Raym. 280; Hague v. French, 3 B. & P. 173; Armitt v. Breame, 2 Ld. Raym. 1082. (d) For a table showing the different usances, see at the end of this chapter, p. 480. (e) Cockell v. Gray, 3 B. & B. 187. Lester v. Garland, 15 Ves. 248. (g) Brown v. Harraden, 4 T. R. 148; Leftley v. Mills, 4 T. R. 170. (h) Moyser v. Whitaker, 9 B. & C. 409; Sutton v. Toomer, 7 B. & C. 416. (i) 6 & 7 W. 4, c. 58. (k) Darbishire v. Parker, 6 East, 3; Rowe v. Tipper, 13 C. B. 249. (1) Parker v. Gordon, 7 East, 385; Elford v. Teed, 1 M. & S. 28. When pre sentment must be made. Computation of time. Bills falling due on Sun days and holidays. Presentation of bills pay able on de mand. Presentment made at rea should be sonable hours. What will excuse presentment. bills, cheques, drafts, and orders, must be presented at the Bank of England before 3 o'clock (a). To excuse presentment for payment, absolute impossibility must be proved, and even when the instrument cannot be produced, request or presentment should be made to the acceptor. FOREIGN LAWS. France. The maturity of a bill of exchange drawn at one or more days, one or more months, or one or more usances of sight, is regulated by the date of the acceptance, or by that of the protest for non-acceptance. That of a bill drawn at one or more days, one or more months, or one or more usances of date, is regulated by the date. A bill payable at sight becomes due on its presentation. An usance is of thirty days, and it runs from the day following the date of the bill. The months are such as are fixed by the Gregorian Calendar. A bill payable at a fair is due on the eve of the day fixed for the close of the fair, or on the day of the fair, if it last only one day. If the bill becomes due on a holiday, it is payable the day before. All delays of grace, favour, usage, or local custom for the payment of bills of exchange are abrogated. In calculating when a bill becomes due, one should omit the date of the bill, which does not count, and go on to and including the corresponding day of the week, the month, or the year, which is the day of maturity. Thus a bill dated the 3rd January, payable at three months date, will become due the 3rd of April. A bill dated 29th June, payable at two months, will become due the 29th August, because in the first case the three months commence on the 4th January; in the second, the two months commence on the 30th June. If the month in which the bill becomes due, being shorter than that in which it is dated, does not offer a day corresponding to that date, the time fixed is the last day of this month. Thus a bill signed on the 31st December, at two months, will become due the 28th or 29th February, according as the year is or is not leap year. The inverse, however, does not take place, when the month in which the bill becomes due is composed of a greater number of days than that in which it is dated. Thus where a bill is signed the last day of the month, (a) Wilkins v. Jadis, 2 B. & Ad. 189; Morgan v. Davison, 1 Stark. 114; Barclay v. Bailey, 2 Camp. 117. |