LLOYD LOWNDES, ESQUIRE, GOVERNOR. 229

demand or at a fixed or determinable future time a sum certain
in money to order or to bearer.

146. A bill of itself does not operate as an assignment of
the funds in the hands of the drawee available for the pay-
ment thereof, and the drawee is not liable on the bill unless
and until he accepts the same.

147. A bill may be addressed to two or more drawees jointly,
whether they are partners or not; but not to two or more
drawees in the alternative or in succession.

148. An inland bill of exchange is a bill which is, or on its
face purports to be, both drawn and payable within this State.
Any other bill is a foreign, bill. Unless the contrary appears on
the face of the bill, the holder may treat it as an inland bill.

149. Where in a bill drawer and drawee are the same person,
or where the drawee is a fictitious person, or a person not hav-
ing capacity to contract, the holder may treat the instrument,
at his option, either as a bill of exchange or a promissory note.

150. The drawer of a bill and any indorser may insert
thereon the name of a person to whom the holder may resort
in case of need—that is to say, in case the bill is dishonored
by non-acceptance or non-payment. Such person is called the
''referee in case of need." It is in the option of the holder to
resort to the "referee in case of need" or not, as he may see fit.

CHAPTER XI.

ACCEPTANCE OF BILLS OF EXCHANGE.
Index to Chapter XI.

151. Acceptance; how made, et cet- era. 152. Holder entitled to acceptance on face of bill. 153. Acceptance by separate instru- ment. 154. Promise to accept ; when equiv- alent to acceptance. 155. Time allowed drawee to accept.

156. Liability of drawee retaining or destroying bill. 157. Acceptance of incomplete bill. 158. Kinds of acceptances. 159. What constitutes a general acceptance. 160. Qualified acceptance. 161. Rights of parties as to qualified acceptance.

151. The acceptance of a bill is the signification by the
drawee of his assent to the order of the drawer. The accept-
ance must be in writing and signed by the drawee. It must
not express that the drawee will perform his promise by any
other means than the payment of money.

152. The holder of a bill presenting the same for acceptance
may require that the acceptance be written on the bill, and if
such request is refused, may treat the bill as dishonored.