Section 44Part 2 — Bills of Exchange
Duties as to qualified acceptances
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The holder of a bill may refuse to take a qualified acceptance, and if the holder does not obtain a unqualified acceptance may treat the bill as dishonoured by non-acceptance.
Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorised the holder to take a qualified acceptance, or does not subsequently assent thereto, such drawer or indorser is discharged from the drawer’s or indorser’s liability on the bill.
Subsection (2) does not apply to a partial acceptance, whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be protested as to the balance.
When the drawer or indorser of a bill receives notice of a qualified acceptance, and does not, within a reasonable time, express their dissent to the holder, the drawer or indorser shall be deemed to have assented thereto.
Defined Terms
qualified acceptance