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Report No. 11

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142. Section 86.-

In section 86, we have expressly made provision for the right of the holder to refuse to take a qualified acceptance,1 by adopting sub-section (1) of section 44 of the Bills of Exchange Act.

The first paragraph of section 86, stating the consequences of acquiescence in a qualified acceptance, practically provides a rule relating to discharge. We have, accordingly, shifted this paragraph to the Chapter on Discharge.2

No change has been proposed in the Explanation to section 86.

In connection with a qualified acceptance, we have adopted a new provision3 following section 52(2) of the English Act, to make it clear that non-payment for payment in cases of qualified acceptance does not, in the absence of an express stipulation to that effect, discharge the acceptor.

1. Section 123, App I.

2. Section 80, ibid.

3. Section 124, ibid.



Negotiable Instruments Act, 1881 Back




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