The drawee may demand of the holder of a bill who seeks acceptance of it, that the bill be exhibited to him, and in this case the holder must have the bill with him in order to make a good presentment, and the drawee may take it into his possession and retain it twentyfour hours for examination and identification. But where the drawee refuses acceptance of a bill from its description the holder need not exhibit it.*

The presentment must be final, and the notary must not agree to call again with it on another day. And in case of duplicate bills the drawee should accept but one, or he will be liable to bona fide holders of each accepted bill. (Bank v. Neal, 22 How. 96, 109.)

unreasonable delay of presentment for acceptance, where the bill was drawn in Detroit on Chicago, twenty-one days' delay, Phoenix Ins. Co. v. Allen, 11 Mich. 30; drawn in Wisconsin on New York, fourteen days, Walsh v. Hart, 23 Wis. 334; drawn in Ohio on New York, ten days, Vantrot v. McCullough, 2 Hilt. 272, etc." (Tiedeman, Com. Paper, Sec. 216n.)

*In many of the States the time is fixed by statute during which the drawee may retain the bill for examination, and is customarily 24 hours.

"The person who presents a bill of exchange for acceptance must deliver it to the drawee if required to do so. The drawee is entitled to retain it for twenty-four hours, but after the expiration of this time he must re-deliver it accepted or unaccepted. (Case v. Burt, 15 Mich. 82.) In reckoning the twenty-four hour non-business days must be excluded. If after the expiration of the twenty-four hours the drawee refuses to re-deliver the bill it must be treated as dishonest in order to preserve the holder's right of recourse against antecedent parties." (Benj.'s Chalmers, B. N. & Checks, Art. 154.)

Sec. 798. PRESENTMENT, WHEN EXCUSED.-Presentment for acceptance is excused and the bill should be protested as dishonored by non-acceptance: (1) When the drawee is discovered to be a fictitious person, or is incapable of making a valid contract from legal disabilities, or is the drawer, as a partner in the firm which is drawee, or officer of a private corporation which is drawee. (Tiedeman, Com. Pap., Sec. 218.) (2) Where, after reasonable diligence to ascertain the drawee, the presentment cannot be effected. (Byles, 12th ed., p. 183; Chitty, p. 199.) (3) When the drawee is not in funds, and the drawer has no reasonable expectation that the bill will be accepted. (Robinson v. Ames, 20 Johns. 146.) (4) Where the bill contains a clause waiving acceptance, but not because the drawer has countermanded the bill. (Daniel, Sec. 450.)

Sec. 799. THE ACCEPTANCE CONSIDERED. Generally speaking, no one but the drawee can accept a bill, and a stranger accepting will either not be bound at all or, if there is sufficient consideration, as a guarantor. (Keenan v. Nash, 8 Minn. 409; Story on Bills, Sec. 254.) This does not apply to bills in blank, and a case of need may accept. So an authorized agent of the drawee may accept, but unless the agent furnishes clear evidence of authority the holder may protest the bill for non-acceptance. The acceptance may be made before the bill is drawn or while still incomplete, but is usually made a reasonable time after execution. Where the acceptance is made in blank and

delivered to be filled up a bona fide holder for value may enforce it against the acceptor. The acceptance may be made after the bill has matured and been protested for non-payment, and is then payable on demand.

The holder may require that the date of acceptance be written on the bill so it will appear from the face of the instrument when it is due. (Daniel, Sec. 395.) Where the date is not indorsed on the bill it may be proven and is presumed to have been made prior to the date of payment and within a reasonable time after the bill's execution. (Tiedeman, Com. Pap., Sec. 220.)

The acceptor or drawee who has not communicated his acceptance or the accepted bill to the holder, may revoke an acceptance before delivery and cancel the written acceptance. Unless required by statutes, which is usually the case, or requested by the holder, the acceptance may be written or verbal. Many States require the acceptance to be in writing and signed by the acceptor. The fact that the statute of frauds, respecting a promise to answer for the debt of another, is held by some authorities, makes it desirable that all acceptances be in writing. But where the drawee has funds of the drawer in his possession it is held to be the payment of his own debt, and the acceptance is not within the statute of frauds. (Townsley v. Sumrall, 2 Pet. 170.)

The usual form of acceptance is made by writing the word "accepted" on the face of the bill, and the signature of the acceptor, and by statute in a number of States the signature is required. But an acceptance is good at the common-law merchant without the signa

ture. (Phillips v. Frost, 19 Me. 77.) So any form of expression as "presented," "seen," "honored," "payment guaranteed," and the like expressions, indicating the intent to accept, will take the place of the formal expression "accepted." (Tiedeman, Com. Pap., Sec. 223.)

So an acceptance will be implied from conduct of the drawee inconsistent with a refusal to accept, as where he discounts paper made for his accommodation, or makes part payment and arranges to pay the balance. (Bank v. Woodruff, 34 Vt. 89; Andressen v. Bank, 2 Fed. Rep. 125.).

Sec. 800. ACCEPTANCES FOR HONOR, OR SUPRA PROTEST.-When the drawee has refused to accept a bill and protest has been made and notice given to all the parties, any third person may then accept the bill for the honor of one or several parties to the bill. The acceptor after protest (supra protest) should specify for whose honor he accepts it, or it will be presumed to be for the honor of the drawer. The acceptance for honor enures to the benefit of all parties for whose honor it was accepted. (Markham v. Hazen, 48 Ga. 570; 1 Parsons' N. & B. 313.)

The holder is not bound to take an acceptance for honor, but by doing so he loses the right to sue the parties for whose honor it was accepted until maturity, and refusal of payment by the acceptor for honor.

An acceptance for honor is properly made by the acceptor appearing before a notary public and declaring his intention to accept for the honor of some one or more of the parties and subscribing to some such ex

pression of his intention as "accepted for the honor of A." (Daniel, Sec. 523.) The acceptance for honor is not absolute. "In order to make such an acceptor liable, the bill must be again presented to the drawee at maturity, notwithstanding his refusal to accept, so that he might pay the bill, if he saw reasons for changing his previous determination. If he refuses, the bill should be protested, and then presented to the acceptor for honor. And if the acceptor for honor refuses to pay the bill, it should be again protested, and in this protest all the steps that had been taken to secure the payment of the bill should be stated, and then notice should be given to all the parties for whose honor the bill had been accepted." (Tiedeman, Com. Pap., Sec. 228; 1 Parsons' N. & B. 320.) The date of maturity will be ascertained from the date of acceptance and not from presentment in case of acceptance for honor. The acceptor must notify the parties for whose honor he accepts, and of his payment of the bill, and if this is done within a reasonable time he will have recourse against such parties. He will only have recourse against parties prior to the one for whose honor he accepts. (Gazzam v. Armstrong, 3 Dana 554.)

Other forms of conditional acceptance occur in business, and if the holder consent to take such a qualified acceptance he must give notice of the qualification to antecedent parties and get their consent, otherwise he runs the risk of freeing them from their liability. (Crowell v. Plant, 53 Mo. 135.)*

*"The following may be mentioned as illustrative examples