ACCEPTOR

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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 tothe bill. Jackson v. Hudson, 2 Campb. N. P. C. 447. 2. The acceptor of a bill is the principal debtor, and the drawer thesurety. He is bound, though he accepted without consideration, and for thesole accommodation of the drawer. By his acceptance he admits the drawer'shandwriting, for, before acceptance it was incumbent upon him to inquireinto 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 ofthe 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. 3. The liability of the acceptor cannot in general be released ordischarged, otherwise than by payment, or by express release or waiver, orby the act of limitations. Dougl. R. 247. What amounts to a waiver anddischarge of the acceptor's liability, must depend on the circumstances ofeach particular case. Dougl. 236, 248; Bayl. on Bills, 90; Chitty on Bills,249.

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