General and qualified acceptances
24 General and qualified acceptances
An acceptance is either:
general; or
qualified.
A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn.
In particular an acceptance is qualified which is:
conditional, that is to say, which makes payment by the acceptor dependent on the fulfilment of a condition therein stated; or
partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn; or
local, that is to say, an acceptance to pay only at a particular specified place; or
qualified as to time; or
the acceptance of some one or more of the drawees, but not of all.
An acceptance to pay at a particular place is a general acceptance, unless it expressly states that the bill is to be paid there only, and not elsewhere.
This Act’s bill:Second reading speech
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