296 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

1904, art. 13, sec. 161. 1898, ch. 119.

161. The holder may refuse to take a qualified acceptance, and if
he does not obtain an unqualified acceptance he may treat the bill as
dishonored by non-acceptance. 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 notice 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.

CHAPTER XII—Presentment of Bills of Exchange for Acceptance.

Ibid. sec. 162. 1898, ch. 119.

162. 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.

Ibid. sec. 1G3. 1898. ch. 119.

163. 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.

Ibid. sec. 164. 1898, ch. 119.

164. 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 drawee or some person authorized to accept or refuse
acceptance on his behalf; 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 author-
ity 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 per-
sonal representative;

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.

Ibid. sec. 165. 1898, ch. 119.

165. A bill may be presented for acceptance on any day on which
negotiable instruments may be presented for payment under the pro-