{"id":12113,"date":"2018-01-15T03:34:44","date_gmt":"2018-01-15T03:34:44","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=12113"},"modified":"2018-01-15T03:34:44","modified_gmt":"2018-01-15T03:34:44","slug":"acceptor-a-person-or-entity-that-accepts-a-negotiable-instrument-and-trust-binds-himself-to-its-payment-or-performance","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=12113","title":{"rendered":"Acceptor – a person or entity that accepts a negotiable instrument and trust binds himself to its payment or performance"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 This page is continued from Legal Instruments<\/a> >>>> Related Terms<\/a> >>>> Negotiable<\/a> >>>> Transfer<\/a>:<\/span>
\n<\/strong><\/p>\n

****************************<\/p>\n

acceptor<\/span>:<\/strong><\/span>
\nn. (18c)<\/span><\/p>\n

1. A person or entity that accepts a negotiable instrument<\/a> and agrees to be primarily responsible for its payment or performance. <\/span><\/strong>[1]<\/span><\/p>\n

1. One who accepts a bill of exchange and trust binds himself to pay it.<\/strong> [2]<\/span><\/p>\n

1. A drawee who has accepted a draft.<\/strong> [3]<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Excerpt from Melville M. Bigelow’s The Law of Bills, Notes, and Checks<\/em><\/a> (William Minor Lile ed., 3d ed. 1928):<\/span><\/strong><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 \u201cAs the term \u2018<\/span>maker<\/a>\u2019 denotes the promisor in a note, and him only, so the term \u2018acceptor\u2019 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.\u00a0 There can therefore b<\/span><\/strong>y no \u2018acceptance\u2019 of a promissory note, nor, commercially speaking, of a check.\u00a0 But the acceptance of the bill and the certification of the check are so closely related with respect to form and legal effect . . . .<\/span>\u201d<\/strong> [4]<\/span><\/span><\/p>\n

\n

acceptor supra protest<\/span>:<\/span><\/strong> (18c) Someone who accepts a bill that has been protested, for the honor of the drawer or an indorser.\u00a0<\/strong> See acceptance for honor<\/em> under ACCEPTANCE (3).<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

******************************************<\/span><\/p>\n

Back to Property<\/a><\/span><\/span><\/strong><\/p>\n

Like this website?<\/span><\/span><\/strong><\/p>\n

Please Support Our Fundraiser<\/span><\/a><\/strong><\/p>\n

or donate via\u00a0PayPal<\/a>:<\/span><\/span><\/strong><\/p>\n