BILLS OF EXCHANGE ACT 1909 - SECT 49 Duties as to qualified acceptances
BILLS OF EXCHANGE ACT 1909 - SECT 49
Duties as to qualified acceptances(1) The holder of a bill may refuse to take a qualified acceptance, and if he or she does not obtain an unqualified acceptance may treat the bill as dishonoured by non - acceptance.
(2) Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorized the holder to take a qualified acceptance, or does not subsequently assent thereto, such drawer or indorser is discharged from his or her liability on the bill.
The provisions of this subsection do 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.
(3) When the drawer or indorser of a bill receives notice of a
qualified acceptance, and does not within a reasonable time express his or her
dissent to the holder, he or she shall be deemed to have assented thereto.