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acceptor:
n. (18c)
1. A person or entity that accepts a negotiable instrument and agrees to be primarily responsible for its payment or performance. [1]
1. One who accepts a bill of exchange and trust binds himself to pay it. [2]
1. A drawee who has accepted a draft. [3]
Excerpt from Melville M. Bigelow’s The Law of Bills, Notes, and Checks (William Minor Lile ed., 3d ed. 1928):
“As the term ‘maker’ denotes the promisor in a note, and him only, so the term ‘acceptor’ in the terminology of the Law Merchant denotes the drawee of a bill, foreign or inland, who has bound himself in due form of law to pay the bill according to its tenor, to the payee or any subsequent holder in due course. There can therefore by no ‘acceptance’ of a promissory note, nor, commercially speaking, of a check. But the acceptance of the bill and the certification of the check are so closely related with respect to form and legal effect . . . .” [4]
acceptor supra protest: (18c) Someone who accepts a bill that has been protested, for the honor of the drawer or an indorser. See acceptance for honor under ACCEPTANCE (3).
References:
Disclaimer: All material throughout this website is compiled in accordance with Fair Use.
[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6
[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
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References:
Disclaimer: All material throughout this website is compiled in accordance with Fair Use.
[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6
[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
[4]: Melville M. Bigelow, The Law of Bills, Notes, and Checks 115 (William Minor Lile ed., 3d ed. 1928).
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Back to Property
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or donate via PayPal:
Disclaimer: Wild Willpower does not condone the actions of Maximilian Robespierre, however the above quote is excellent!
This website is being broadcast for First Amendment purposes courtesy of
Question(s)? Suggestion(s)?
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We look forward to hearing from you!