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ARTICLE II.

DAYS OF GRACE.

SECTION 3181. Days of grace.

SEC. 3181. Days of grace are not allowed.

The Commissioners recommend that no grace be hereafter allowed upon commercial paper. This is the rule upon the continent of Europe. Should this recommendation not be adopted, the following should be substituted for the text:

[Sec. 1781. The three days following the day on which a bill of exchange, payable otherwise than at sight or on demand, becomes due by its terms, are allowed as days of grace, unless the last of such days is a holiday, in which case the next preceding business day is the last day of grace allowed.]

N. Y. C. C., Sec. 1781.

Days of

grace.

ARTICLE III.

PRESENTMENT FOR ACCEPTANCE.

SECTION 3185. When a bill may be presented.

3186. Presentment, how made.

3187. Presentment to joint drawees.

3188. When presentment to be made to drawee in case of need.
3189. Presentment, when must be made.

SEC. 3185. At any time before a bill of exchange is payable, the holder may present it to the drawee for acceptance, and if acceptance is refused, the bill is dishonored.

N. Y. C. C., Sec. 1782.

When a bill sented.

may be pre

ment, how

SEC. 3186. Presentment for acceptance must be made Presentin the following manner, as nearly as by reasonable dili- made. gence it is practicable:

1. The bill must be presented by the hoider.

2. It must be presented on a business day, and within reasonable hours.

3. It must be presented to the drawee, if he can be found within the State; and if not, then at his place of residence or business, if within the State, to any person of discretion therein; and if he has no such place of residence or business, or there is no person of discretion therein, then to any Notary Public in the State; and,

4. If the drawee requests it, the bill must be left with him until the same hour of the next day, to which time he may postpone his acceptance or refusal.

Presentment to joint drawees.

When pre

sentment to be made to

drawee in

SEC. 3187.

See Story on Bills, Sec. 237; 1 R. S., 768. The clause providing for presentment to a Notary Public is new, but is in conformity to Secs. 1748 and 1779.

N. Y. C. C., Sec. 1783.

Presentment for acceptance to one of sev eral joint drawees, and refusal by him, dispense with presentment to the others.

SEC. 3188.

This question has been considered very doubtful (Story on Bills, Sec. 229), but is decided in effect by the case of Carman vs. Pultz (21 N. Y., 531).

N. Y. C. C., Sec. 1784.

A bill of exchange which specifies a drawee

in case of need, must be presented to him for acceptance case of need. or payment, as the case may be, before it can be treated as dishonored.

Presentment, when must be made.

N. Y. C. C., Sec. 1785.

SEC. 3189. When a bill of exchange 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 which would suffice, with ordinary diligence, to forward it for acceptance, unless presentment is excused.

At present the only rule established is that "due diligence must be used (Wethey vs. Andrews, 3 Hill, 582; Smith vs. Janes, 20 Wend., 192; Robinson vs. Ames, 20 Johns., 146). But this is too indefinite.

N. Y. C. C., Sec. 1786.

ARTICLE IV.

ACCEPTANCE.

Acceptance, how made.

SECTION 3193. Acceptance, how made.

3194. Holder entitled to acceptance on face of bill.

3195. What acceptance sufficient with consent of holder.

3196. Acceptance by separate instrument.

3197. Promise to accept, when equivalent to acceptance.
3198. Cancellation of acceptance.

3199. What is admitted by acceptance.

SEC. 3193. An acceptance of a bill must be made in writing, by the drawee or by an acceptor for honor, and may be made by the acceptor writing his name across the face of the bill, with or without other words.

N. Y. C. C., Sec. 1787.

SEC. 3194. The holder of a bill of exchange, if entitled to an acceptance thereof, may treat the bill as dishonored if the drawee refuses to write across its face an unqualified acceptance.

N. Y. C. C., Sec. 1788.

SEC. 3195. The holder of a bill of exchange may, without prejudice to his rights against prior parties, receive and treat as a sufficient acceptance

1. An acceptance written upon any part of the bill, or upon a separate paper.

2. An acceptance qualified so far only as to make the bill payable at a particular place within the city or town, in which, if the acceptance was unqualified, it would be payable; or,

3. A refusal by the drawee to return the bill to the holder after presentment; in which case the bill is payable immediately, without regard to its terms.

This provision [for refusal to return the bill] is new, but seems to be no more than reasonable, the act amounting to a conversion, for which the owner might recover damages to the value of the bill.

N. Y. C. C., Sec. 1789.

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by separate

SEC. 3196. The acceptance of a bill of exchange, by a Acceptance separate instrument, binds the acceptor only to one to instrument. whom it has been shown, and who, upon the faith thereof, has given value for the bill.

1 R. S., 768, Sec. 7. See Burns vs. Robbins, 40 Barb., 368. There does not seem to be any strong reason for restricting the benefit of such an acceptance to holders for value, as distinguished from other holders for a good consideration.

N. Y. C. C., Sec. 1790.

SEC. 3197. An unconditional promise, in writing, to accept a bill of exchange, is a sufficient acceptance thereof, in favor of every person to whom it has been shown, and who, upon the faith thereof, has given value for the bill.

N. Y. C. C., Sec. 1791; Sec. 8, "Bills of Exchange
and Promissory Notes" (Hittell).

SEC. 3198. The acceptor of a bill of exchange may cancel his acceptance at any time before delivering the bill to the holder, and before the holder has, with the consent of the acceptor, transferred his title to another person who has given value for it upon the faith of such acceptance.

N. Y. C. C., Sec. 1792.

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What is

SEC. 3199. The acceptance of a bill of exchange admits. acceptance. the capacity of the drawer to draw and indorse it; and if

admitted by

written upon the bill, it also admits the same to be genuine, and binding upon the drawer; but it does not admit the signature of any indorser to be genuine.

N. Y. C. C., Sec. 1793.

ARTICLE V.

When bill

may be accepted or paid for honor.

Holder of bill of exchange bound to

accept payment for honor.

Acceptance for honor.

how made.

How en. forced.

ACCEPTANCE OR PAYMENT FOR HONOR.

SECTION 3203. When bill may be accepted or paid for honor.

3204. Holder of bill of exchange bound to accept payment for

honor.

3205. Acceptance for honor, how made.

3206. How enforced.

3207. Notice of dishonor not excused by acceptance for honor.

SEC. 3203. On the dishonor of a bill of exchange by the drawee, and, in case of a foreign bill, after it has been duly protested, it may be accepted or paid by any person, for the honor of any party thereto.

SEC. 3204.

N. Y. C. C., Sec. 1794.

The holder of a bill of exchange is not bound to allow it to be accepted for honor, but is bound to accept payment for honor.

N. Y. C. C., Sec. 1795.

SEC. 3205. An acceptor or payer for honor must write a memorandum 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 reimbursement from such parties, and from all parties prior to them.

N. Y. C. C., Sec. 1796.

SEC. 3206. A bill of exchange, which has been accepted for honor, must be presented at its maturity to the drawee for payment, and notice of its dishonor by him must be given to the acceptor for honor, in like manner as to an indorser; after which the acceptor for honor must pay the bill.

N. Y. C. C., Sec. 1797.

SEC. 3207. The acceptance of a bill of exchange for honor does not excuse the holder from giving notice of its dishonor by the drawee.

Notice of excused by

dishonor not

acceptance for honor.

N. Y. C. C., Sec. 1798.

ARTICLE VI.

PRESENTMENT FOR PAYMENT.

SECTION 3211. Presentment, when bill not accepted, where made.

3212. Presentment of bill. payable at particular place.

3213. Effect of delay in presentment in certain cases.
3214. Effect in other cases.

SEC. 3211. If a bill of exchange is by its terms pay

Presentment when bill not

where made.

able at a particular place, and is not accepted on present- accepted, nent, it must be presented at the same place for payment, when presentment for payment is necessary.

N. Y. C. C., Sec. 1799.

SEC. 3212. A bill of exchange, accepted payable at a particular place, must be presented at that place for payment, when presentment for payment is necessary, and need not be presented elsewhere.

N. Y. C. C., Sec. 1800.

or

SEC. 3213. If a bill of exchange, payable at sight on demand, without interest, is not duly presented for payment 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, unless such presentment is excused.

N. Y. C. C., Sec. 1801.

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other cases.

SEC. 3214. Mere delay in presenting a bill of exchange Effect in payable with interest, at sight or on demand, does not exonerate any party thereto.

N. Y. C. C., Sec. 1802.

ARTICLE VII.

EXCUSE OF PRESENTMENT AND NOTICE.

SECTION 3218. Presentment, when excused.

3219. Delay, when excused.

3220. Presentment and notice, when excused.

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