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Section 142Sec./Art. 142
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Rights of parties as to qualified acceptance.- The holder may refuse to take a qualified acceptance, and if he does not obtain an unqualified acceptance, lie may treat the bill as dishonored by nonacceptance. Where a qualified acceptance is taken, the drawer and indorsers are discharged from liability on the bill, unless they have expressly or impliedly authorized the holder to take a qualified acceptance, or subsequently assent thereto. When the drawer or an indorser receives notice of a qualified acceptance, he must, within a reasonable time, express his dissent to the holder, or he will be deemed to have assented thereto.
CHAPTER XL
PRESENTMENT TOR ACCEPTANCE.
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