the bill accepted or non-accepted to the holder, he will be deemed to have accepted the same (a).

Eaton and Gilbert, Com. Paper, 602. Norton, B.

& N., 95, 103. Randolph, Com. Paper, § 620.

(a) Under a similar statute of New York, before the passage of the Negotiable Instruments Law of that State, it was held that the refusal referred to in the statute was an affirmative act, or such conduct as amounted to an affirmative act; and that mere retention of the bill was not an acceptance. Matteson v. Moulton, 79 N. Y., 627. This seems to be the correct construction of this section, which relates to a refusal to return, not to a mere neglect to return.

The provision that the destruction of the bill by the drawee is to be deemed an acceptance of it, is an innovation. Such a destruction of the bill postpones the holder's right to sue the drawer until the bill is dishonored by non-payment.

§ 138. Acceptance of Incomplete Bill.-A bill may be accepted before it has been signed by the drawer, or while otherwise incomplete, or when it is overdue, or after it has been dishonored by a previous refusal to accept, or by non-payment. But when a bill payable after sight is dishonored by non-acceptance and the drawee subsequently accepts it, the holder, in the absence of any different agreement, is entitled to have the bill accepted as of the date of the first presentment.

Eaton and Gilbert, Com. Paper, 603. Norton, B. & N., 88, 104.

§ 139. Kinds of Acceptances.-An acceptance is either general or qualified. A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn (a).

Eaton and Gilbert, Com. Paper, 605. Norton, B. & N., 84.

(a) A qualification of the acceptance will in some cases be a material alteration. See section 125.

§ 140. Acceptance to Pay at a Particular Place. -An acceptance to pay at a particular place is a general acceptance, unless it expressly states that the bill is to be paid there only and not elsewhere (a).

Eaton and Gilbert, Com. Paper, 605. Norton, B. & N., 84. Randolph, Com. Paper, §§ 626, 1130.

(a) See section 70 as to presentment for payment in such cases.

§ 141. Qualified Acceptance. An acceptance is qualified which is:

1. Conditional; that is to say, which makes payment by the acceptor dependent on the fulfillment of a condition therein stated.

2. Partial; that is to say, an acceptance to pay part only of the amount for which the bill is drawn. 3. Local; that is to say, an acceptance to pay only at a particular place (a).

4. Qualified as to time (b).

5. The acceptance of some one or more of the drawees, but not of all.

Eaton and Gilbert, Com. Paper, 605. Norton, B. & N., 84, 85.

(a) Rogers v. Poston, 1 Met. (53 Ky.) 647;

Todd v. Bank of Kentucky, 3 Bush (66 Ky.) 632.

(b) "I will see the within paid eventually," written on the back of an order by the drawee, is a binding acceptance to pay forthwith.

Brannin v. Henderson, 12 B. M. (51 Ky.) 62.

§ 142. Rights of Parties as to Qualified Acceptance. The holder may refuse to take a qualified acceptance, and if he does not obtain an unqualified ac

ceptance, he may treat the bill as dishonored by nonacceptance. Where a qualified acceptance is taken, the drawer and indorsers are discharged from liability on the bill, unless they have expressly or impliedly authorized the holder to take a qualified acceptance, or subsequently assent thereto. When the drawer or an indorser receives notices of a qualified acceptance, he must, within a reasonable time, express his dissent to the holder, or he will be deemed to have assented thereto.

Eaton and Gilbert, Com. Paper, 608. Norton, B. & N., 85. Randolph, Com. Paper, § 621.

ARTICLE III.

PRESENTMENT OF BILLS OF EXCHANGE FOR ACCEPTANCE.

Section 143. When presentment for acceptance must be made.

144. When failure to present releases drawer and indorser.

145. Presentment; how made.

146. On what days presentment may be made.
147. Presentment; where time is insufficient.
148. When presentment is excused.

149. When dishonored by non-acceptance.
150. Duty of holder where bill not accepted.
151. Rights of holder where bill not accepted.

§ 143. When Presentment for Acceptance Must be Made.-Presentment for acceptance must be made: 1. Where the bill is payable after sight, or in any

other case where presentment for acceptance is necessary in order to fix the maturity of the instrument; or

2. Where the bill expressly stipulates that it shall be presented for acceptance; or

3. Where the bill is drawn payable elsewhere than at the residence or place of business of the drawee. In no other case is presentment for acceptance necessary in order to render any party to the bill liable (a).

Note. The numbers of the sections of this article in other States than Kentucky are as follows: Arizona, 3446-3454; Colorado, Connecticut, District of Columbia, Florida, Idaho, Iowa, Massachusetts, Montana, New Jersey, North Carolina, North Dakota, Oregon, Pennsylvania, Tennessee, Utah, Virginia and Washington, 143-151; Maryland, 162-170; New York, 240-248; Ohio, 3176g-31760; Rhode Island, 151-159; Wisconsin, 1681-1681-8.

Eaton and Gilbert, Com. Paper, 585. Norton, B. & N., 341, 345.

(a) Although a bill payable at a fixed time need not be presented for acceptance, yet if it be presented before that time and acceptance refused, notice of dishonor by non-acceptance must be given to the drawer and indorsers. See section 102, note (a).

§ 144. When Failure to Present Releases Drawer and Indorser.-Except as herein otherwise provided, the holder of a bill which is required by the next preceding section to be presented for acceptance must either present it for acceptance or negotiate it within a reasonable time. If he fail to do so, the drawer and all indorsers are discharged.

Eaton and Gilbert, Com. Paper, 587. Norton, B. & N., 344. Randolph, Com. Paper, § 574.

§ 145. Presentment; How Made.-Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour on a business day, and before the bill is overdue, to the drawer or some person authorized to accept or refuse acceptance on his behalf (a); and 1. Where a bill is addressed to two or more drawees who are not partners, presentment must be made to them all, unless one has authority to accept or refuse acceptance for all, in which case presentment may be made to him only.

2. Where the drawee is dead, presentment may be made to his personal representative (b).

3. Where the drawee has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustee or assignee.