ARTICLE III. PRESENTMENT FOR ACCEPTANCE. SECTION 1309. When bill may be presented 1310. Due presentment, how made. 1311. Presentment to joint drawees. 1312. When presentment to be made to drawee in case of need. § 1309. At any time before the bill is payable, the holder When bill may present it to the drawee for acceptance. Story on Bills, § 228. may be presented. § 1310. Due presentment for acceptance is made by the Due preholder or his agent, on a business day: 1. By presenting the bill to the drawee, or his agent for the purpose, if either can with reasonable diligence be found within the state to which the bill is addressed; and leaving the same with him if desired, until the same hour of the next business day; or, 2. If this cannot be done, by presenting the bill at the place of business or residence of the drawee, within reasonable hours, to any person in the same, or to the nearest person if such place is closed, and demanding acceptance.* 11 R. S., 768; Story on Bills, § 237. 2 Bank of Syracuse v. Hollister, 17 N. Y., 46. sentment, how made. ment to § 1311. Presentment for acceptance to one of several Presentjoint drawees, and refusal by him, dispense with presentment to the others.1 1 This question has been considered very doubtful (Story § 1312. If the bill specifies a drawee in case of need, it must be presented to him for acceptance or payment, as the case may be, before it can be treated as dishonored. § 1313. If the bill is payable at a specified time after sight, the drawer and indorsers are exonerated if it is not presented for acceptance within [ten] days after the time joint drawees. required for its transmission with ordinary diligence, un At present the only rule established is that "due dili gence" must be used (Wethey v. Andrews, 3 Hill, 582; Smith v. Janes, 20 Wend., 192; Robinson v. Ames, 20 Johns., 146). But this is too indefinite. ARTICLE IV. Acceptance, how made. Due acceptance, how made. Acceptance in other manner, when sufficient. ACCEPTANCE. SECTION 1314. Acceptance, how made. 1315. Due acceptance, how made. 1316. Acceptance in other manner, when sufficient. 1319. What is admitted by acceptance. § 1314. No acceptance of a bill is valid unless made in writing, and signed by the acceptor or his agent for that purpose.1 11 R. S., 768. § 1315. Due acceptance, within the meaning of section 1306, is made by the drawee: 1. By signing his name' upon the face of the bill' without any qualification of his contract, except that he may make it payable at any place within the town or city in which it is payable,' even though it is by its terms payable at another place in such town; unless it is directed to be paid at that place only. 2. By refusing to return the bill to the holder after due presentment,' in which case it is payable immediately, without regard to its terms.' 11 R. S., 768. 2 New. 3 Troy City Bk. v. Lauman, 19 N. Y., 477. * See id., 480. This seems to be reasonable. § 1316. An acceptance in writing in any other manner is sufficient, if consented to by the holder of the bill. An acceptance by a separate instrument binds the acceptor to no person except one to whom it has been shown, and who, on the faith thereof, has given value for the bill.' 1 R. S., 768. Is not this rule too strict? accept, § 1317. An unconditional promise in writing to accept Promise to a bill,' is a sufficient acceptance thereof, in favor of every when equiperson who, upon the faith thereof, has received the bill acceptance. for value.' The words "before it is drawn " omitted. 21 R. S., 768. valent to tion of § 1318. The acceptor may cancel his written acceptance Cancellaat any time before delivering the bill to the holder,' and acceptance. before the holder has, with the consent of the acceptor, transferred his title to another person for value, who has taken it upon the faith of such acceptance.❜ admitted by § 1319. Every acceptance admits the capacity of the What is drawer to draw and indorse the bill.' If written upon the acceptance. bill, it also admits the signature of the drawer to be genuine, and binding upon him. It does not admit the signature of any indorser nor the body of the bill' to be genuine. 1 Smith v. Marsack, 6 C. B., 486. 2 Sanderson v. Collmann, M. & G., 209. Smith v. Chester, 1 T. R., 654. * Bank of Commerce v. Union Bank, 3 N. Y., 230. But ARTICLE V. ACCEPTANCE OR PAYMENT FOR HONOR. SECTION 1320. When bill may be accepted or paid for honor. 1321. Acceptance for honor, how made. 1322. How enforced. 1323. Notice of dishonor not excused by such acceptance. when bill accepted or may be paid for § 1320. On the bill being dishonored by the drawee, and, if it is a foreign bill, duly protested, it may be accepted or paid, for the honor of any party thereto, by any person.' honor. The holder may refuse to receive the acceptance of such person, but may not refuse to receive full payment from bim.' Acceptance for honor, § 1321. The acceptor or payer for honor must write an how made. acceptance upon the bill, stating therein for whose honor he accepts or pays,' and must give notice to such parties, with reasonable diligence, of the fact of such acceptance or payment. Having done so, he is entitled to reïmbursement from such parties, and from all parties prior to them.3 * Id., § 124. How enforcea. Notice of dishonor, 1 1 Story on Bills, § 256. 2 Id., § 259. 3 1322. If the bill has been accepted for honor, it must be presented at its maturity to the drawee for payment, and notice of its dishonor by him given to the acceptor for honor in like manner as to an indorser; upon which, such acceptor must pay the bill.' § 1323. An acceptance for honor does not excuse the holder not excused from giving notice of the dishonor of the bill by the drawee.' by accept tance of honor. Present ment, when bill not accepted, PRESENTMENT FOR PAYMENT. SECTION 1324. Presentment, when bill not accepted, where made. 1326. Effect, in other cases. § 1324. If a bill is by its terms payable in a particular place, and is not accepted on presentment, it must be prewhere made sented for payment, when such presentment is necessary, at the place at which by its terms it is payable.' Effect of delay in certain cases. pre This is the English law, 2 & 3 W., 4, c. 98. But see § 1325. If a bill payable on demand, or at sight, withsentment in out interest, is not duly presented for payment, unless such presentment is excused, within [ten] days after the time in which it could, with reasonable diligence, be transmitted to the proper place for such presentment, the drawer and indorsers are exonerated. Effect, in other cases. See § 1313. § 1326. Mere delay in presenting a bill payable with interest on demand, or at sight, does not exonerate any party thereto.1 1 Merritt v. Todd, 23 N. Y., 28. ARTICLE VII. EXCUSE OF PRESENTMENT AND NOTICE. SECTION 1327. Presentment, when excused. 1328. Delay, when excused. 1329. Presentment and notice, when excused. $1327. Presentment for acceptance is excused: 1. If the holder of the bill cannot, with reasonable dili gence, find any person authorized to accept it; 2. If the drawer has not capacity to accept it. Presentment, when excused. § 1328. Delay in presentment for acceptance is excused Delay, when caused by inevitable accident. when excused. ment and notice, when ex cused. § 1329. Presentment for acceptance or payment, and Presentnotice thereof, are excused as to the drawer if he forbids the drawee to accept, or the acceptor to pay the bill;' or if, at the time of drawing, he had no reason to believe that the drawee would accept or pay the same." 1 Purchase v. Mattison, 6 Duer, 587; Jacks v. Darrin, 3 2 Coyle v. Smith, 1 E. D. Smith, 400; Franklin v. Vander- ARTICLE VIII. RULES PECULIAR TO FOREIGN BILLS. SECTION 1330. Definitions. 1331. Protest necessary. 1332. Protest, by whom made. 1333. Protest, how made. 1334. Protest, where made. 1335. Protest, when to be made. 1336. Protest, when excused. 1337. Notice of protest, how given. 1338. Waiver of protest. 1339. Declaration before payment for honor. 1340. Damages allowed on dishonor. 1341. Rate of damages. 1342, 1343. Damages, how estimated. § 1330. An inland bill is one drawn and payable within Definitions. |