ART. 13] ACCEPTANCE—PRESENTMENT. 351

160. 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, on acceptance to pay only at a
particular place;

4. Qualified as to time;

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

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 quali-
fied acceptance is taken, the drawer and indorsees are dis-
charged 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.
' 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 pre-
sented 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.

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.