Acceptor
Bouvier's Law Dictionary and Concise Encyclopedia · John Bouvier; revised by Francis Rawle · 1914
Bouvier's Law Dictionary and Concise Encyclopedia
One who accepts a bill of exchange.
3 Kent 75.
The party who undertakes to pay a bill of exchange in the first instance. The drawee is in general the acceptor; and unless the drawee accepts, the bill is dishonored. 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 Kent 75; 3 Burr. 1354; 1 W. Bla. 390; Levy v. Bank, 4 Dall. (U. S.) 234, 1 L. Ed. 814. The drawee by acceptance only vouches for the genuineness of the signature of the drawer and not of the body of the instrument; White v. Bank, 64 N. Y. 316, 21 Am. Rep. 612; Young & Son v. Lehman, Durr & Co., 63 Ala. 519.
See Acceptance.