Acceptor
A Law Dictionary, Adapted to the Constitution and Laws of the United States · John Bouvier · 1839
A Law Dictionary, Adapted to the Constitution and Laws of the United States
contracts. The person who agrees to pay a bill of exchange drawn upon him. 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. 3 Burr. 1354; 1 Bla. Rep. 390, S. C.; 4 Dall. 234; 1 Binn. 27, S. C. When once made the obligation of the acceptor is irrevocable. As to what amounts to an acceptance, see ante Acceptance; Chitty on Bills, 242, et seq.; 3 Kent, Com. 55, 6; Pothier, Traite du Contrat de Change, premiere part. n.
44.
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.
Dougl. R. 247.
What amounts to a waiver and discharge of the acceptor's liability, must depend on the circumstances of each particular case.
Dougl. 236, 248; Bayl. on Bills, 90; Chitty on Bills, 249.