The 'Lectric Law Library's Lexicon On
* Acceptor *
ACCEPTOR - Contracts. The person who agrees to pay a bill of exchange drawn upon him. There cannot be two separate acceptors of a bill of exchange, e. g. an acceptance by the drawee, and another for the honor of some party to the bill.
The acceptor of a bill is the principal debtor, and the drawer the surety. He is bound, though he accepted without consideration, and for the sole accommodation of the drawer. By his acceptance he admits the drawer's handwriting, for, before acceptance it was incumbent upon him to inquire into the genuineness of the drawer's handwriting. When once made, the obligation of the acceptor is irrevocable.
The liability of the acceptor cannot in general be released or discharged, otherwise than by payment, or by express release or waiver, or by the act of limitations. What amounts to a waiver and discharge of the acceptor's liability, must depend on the circumstances of each particular case.
--b--
Need a Lawyer? Check Out The 'Lectric Law Library's Searchable Attorney Directory
& our Searchable Expert Witness Directory
The Lexicon's Lyceum Info & Other Letters
Dazed and Confused? Try Searching the Library for what you want.
Type your words or term in the white box & poke "Do It"
Court, Business and Personal Forms for all Situations and Locations
(This should open a new window. Close it when you're done and you may be back here.)