ART. 13] PRESENTMENT FOR ACCEPTANCE. 49

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.
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 res-
idence 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.

163. Except as herein otherwise provided, the holder of a
bill which is required by the next preceding section to be pre-
sented 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.

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 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;

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.

165. A bill may be presented for acceptance on any day on
which negotiable instruments may be presented for payment
4