If the acceptor fails to pay when the paper becomes due?
It occupies the position of the acceptor of a draft.
Because there is no authority to send communication by telephone to the offerer when the acceptor has no telephone connection.
It creates a contract by correspondence for a letter to be mailed by the acceptor provided the offerer imposes no conditions to the contrary, and impliedly authorizes the use of the mails, as he does by himself making an offer by mail.
Here the defendant wrote his signature as acceptor on several printed blank forms of bills of exchange and left them in a drawer of his desk.
On the other hand, should the offerer ask for a promise and not for an act, the acceptor must give the promise asked for.
It is no fault of the offerer that the acceptor was unable to accept in time, and, generally speaking, one who wishes to accept an offer must at his peril keep the means of acceptance open.
As soon as the drawee accepts the bill, he then becomes known, not as the drawee but as the acceptor and he is the party primarily liable on the bill, that is, he assumes responsibility for its payment.
When no place of payment is designated in the instrument, presentment to the maker oracceptor personally, wherever he may be found, or at his residence or place of business is sufficient.
To recall an offer, the offeror must communicate his intention so to do, to the acceptor before acceptance.
Presentment for acceptance must be made to the acceptor within a reasonable time after receipt by the payee or indorsee.
As a matter of practice, however, negotiable instruments are presented to the maker and acceptor at their places of business or at their residences for payment at maturity.
If no time for acceptance is stipulated in the offerer's letter, the acceptor has a reasonable time in which to accept.
After acceptance of a draft or bill of exchange, the acceptor is liable to pay the bill according to its terms.
If such notice is not given, the acceptoror indorsers are discharged from liability.
In case of a qualified acceptance, if the acceptor fails to pay the draft at maturity is the drawer liable?
The liability of an acceptor for honor is that if the bill is presented to the drawee at maturity for payment and refused, and notice thereof given the acceptor for honor, the latter will pay it.
This is true of notice to the drawer for failure of a drawee to accept, as well as for failure of an acceptor to pay.
Sometimes an acceptor does not accept in the exact terms of the draft.
So far as the maker or acceptor of negotiable instruments is concerned, in the absence of a place for payment stipulated in the instrument, a negotiable instrument does not have to be presented for payment.
The policy pursued by this bank thus far has been to purchase good acceptances whether or not the acceptor was a member bank.
It is this that lends them their self-liquidating quality; for they are usually liquidated by the acceptor out of the proceeds of the resale of the goods during the currency of the bill.
Bills drawn against goods coming to England are safe enough, for as long as the goods come to port and can be sold for them, the acceptoris sure of his money.
If, when the bill becomes due, the acceptor does not pay it as soon as it is presented, he becomes from that moment a bankrupt.
But, when no place of payment is stated, demand for payment must be made at the office of the maker of the note, or the acceptor of the draft; or if he has no office, then at his residence.
Therefore when a note, or an accepted draft is made payable at a certain bank, demand for payment must be made at that bank, and not on the maker of the note, or the acceptor of the draft.
As a fire that is covered with wet fuel does not blaze forth, even so the acceptor of a gift who is bereft of penances and study and piety cannot confer any benefit (upon the giver).
As a person who seeks to cross the ocean with the aid of a rock or a mass of catechu sinks along with his support, even so the giver and the acceptor (in such a case) both sink together.
Siva is represented as the acceptor of all things that are rejected by others.
It is for this, O blessed one, that the eternal Deity, with the lotus in his navel, became the acceptor of the first share offered in sacrifices and hence it is that He came to be called as the eternal upholder of all Sacrifices.
The acceptor of a bill "by accepting it engages that he will pay it according to the tenor of his acceptance," and is precluded from denying the drawer's right to draw or the genuineness of his signature (Sec.
But occasionally both drawer and acceptor sign to accommodate the payee, or even a person who is not a party to the bill at all.
Ordinarily the acceptor gives his acceptance to accommodate the drawer.
Normally a bill is discharged by payment in due course, that is to say, by payment by the drawee or acceptor to the holder at or after maturity.
It is the drawer's duty to provide the acceptor with funds to meet the bill at maturity.
The acceptor is bound, though he accepted without consideration, and for the sole accommodation of the drawer.
The acceptor of a bill is the principal debtor; the drawer, the surety.
No contingency is allowed to be mentioned in the body of the bill, but a qualified acceptance is quite legal, and equally binding with a general acceptance upon the acceptor when the contingency bas occurred.
In all cases acceptance involves the signature of the acceptor either by himself or by some person duly authorized on his behalf.
The bill is then complete and negociable, and is presented for payment to the acceptor at the end of the time specified, allowing the usual three days of grace.
A person placing his signature on a note otherwise than as maker, drawer or acceptor is deemed to be an indorser unless he clearly indicates his intention to be bound in some other way.
An accommodation party is one who has signed the note as maker, drawee, acceptor or indorser without receiving value therefor, and for the purpose of lending his name to some other person.
Mr. Gladstone will end his days and depart without founding any school; he will stand recorded only as the acceptor of office from those who did so, and the passer of other people's measures.
Mr. Kleinwort is a most respectable merchant, a gentleman whose character is above reproach, and he assured us he was personally acquainted with both acceptor and drawer, and that their names were good as the Bank of England.
We intrusted a correspondent to make some inquiries concerning the drawer and acceptor of that bill, and I have thought it my duty to communicate the result of those inquiries to you.
The above list will hopefully give you a few useful examples demonstrating the appropriate usage of "acceptor" in a variety of sentences. We hope that you will now be able to make sentences using this word.
