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Consulting Accountant and Auditor,

Business and Financial Adviser.



New York City.

PRICE $1.50.

Special Edition.

New York City.


Copyrighted 1900

The American Publishing Company, Printers,

Perth Amboy, N. J.


A LAWYER Must Know Why, BUT IT Is ENOUGH FOR A BUSINESS MAN TO KNOW THAT IT Is So, consequently this little volume has been prepared to tell you what

you can, or what you cannot do, on a thousand different points, constantly arising in the fifty subjects treated. The questions on each subject are grouped separately and numbered, the answers follow with their corresponding numbers, which will enable you to find any question or answer at a glance. The size is also a special feature as it is made to fit an ordinary pigeonhole, where it can be kept out of the way, but always at hand.

The questions herein given have been carefully selected from many thousands that have come to the author in his practice of twenty-five years as a Consulting Accountant and Auditor, Business and Financial Advisor, and in preparing the answers has consulted the best legal authorities and highest court decisions in the United States.

The authorities consulted and frequently quoted throughout this work, which the author wishes to publically acknowledge, are Thompson's Commentaries on the law of Corporations, Parson's and Crawford on Negotiable Instruments, Colebrook on Collateral Securities and Lindley on Partnership.

This little volume is sent forth, with the hope that all who refer to it may be enabled to “CUT SHORT THEIR LOSSES, LET THEIR PROFITS RUN ON AND SECURE BETTER ACCOUNTING.”

THE AUTHOR. New York, Oct. 1, 1900.

Acceptance of Drafts or Bills of Exchange

Questions. 1. What is meant by “acceptance ? 2. What constitutes an acceptance ?

3. To what class of commercial paper does acceptance apply?

4. When is an acceptance complete? 5. What is a qualified acceptance? 6. What is a conditional acceptance?

17. Can the holder of a bill accept or refuse a qualified acceptance ?

8. What is the proper way to refuse to accept a bill?

9. Is a promise to accept equivalent to acceptance ?

10. Is the acceptor liable for any amount inserted, if he accepts in blank?

11. Has the Secretary of a corporation power to accept negotiable paper for the Company ?

12. Has the Treasurer of a business corporation the power to make and accept negotiable paper without special authority?

13. Has the Cashier of a bank the power to accept for accommodation ?

14. Has the Treasurer of a corporation the power to make, accept or endorse for accommodation under a general power to endorse ?

15. If an agent of a corporation accepts a draft in his own name, does it bind him personally, or the company?

16. Will a draft drawn upon a special fund, bind the one on whom it is drawn if it is not accepted ?

17. Can an acceptance once made be withdrawn? 18. What does acceptance admit?

19. Will a release before maturity discharge acceptor from liability to bona fide holder ?

20. If a draft is drawn on Brown, agent, and is accepted by Brown, agent, would Brown be liable personally?

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