LLOYD LOWNDES, ESQUIRE, GOVERNOR. 231

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 indorsers are dis-
charged from liability on the bill, unless they have expressly
or impliedly authorized the holder to take a qualified accept-
ance, 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.
Index to Chapter XII.

162. When presentment for accept- ance must be made. 163. When failure to present releases drawer and indorser. 164. Presentment ; how made. 165. On what days presentments may be made. 166. Presentment ; where time is insufficient.

167. When presentment is excused. 168. When dishonored by non- acceptance. 169. Duty of holder where bill not accepted. 170. Rights of holder where bill not accepted.

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.

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