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Report No. 11

123. Qualified acceptance.-

The holder of a bill may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance, may treat the bill as dishonoured by non­acceptance.1

1. See section 44(1), BEA.

Explanation.-An acceptance is qualified-

(a) where it is conditional, declaring the payment to be dependent on the happening of an event therein stated;

(b) where it undertakes the payment of part only of the sum ordered to be paid;

(c) where, no place of payment being specified on the order, it undertakes the payment at a specified place and not otherwise or elsewhere, or where, the place of payment being specified in the order, it undertakes the payment at some other place and not otherwise or elsewhere;

(d) where it undertakes the payment at a time other than that at which under the bill it would be legally due;

(e) where the drawees are not partners and the acceptance is not signed by all of them.

[Section 86, main para, part] [Section 86, Expl.]



Negotiable Instruments Act, 1881 Back




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