Acceptance (Bill of Exchange) - Definition
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What is an Acceptance of a Draft or Bill of Exchange?
An acceptance refers to the scenario where a third party consents to the payment of a draft or bill of exchange. Banks or financial institutions often play the role of an acceptor in a bill of exchange. This is known as a Bank Acceptance. If the buyer serves as the acceptor of a draft, this is known as a trae acceptance. In either event, the acceptor takes responsibility for the payment of checks or credits on or before the maturity date.
Academics Research on Acceptor
- Accounting Standards for Business Enterprises No. 26Reinsurance Contracts, Riccardi, L. (2016). Accounting Standards for Business Enterprises No. 26Reinsurance Contracts. In China Accounting Standards (pp. 199-206). Springer, Singapore. Article 1 In a bid to provide regulation on the recognition and evaluation of reinsurance contracts, and the presentation of crucial information, the present guidelines are designed in line with the Accounting Standards for Enterprises-Basic Standards.
- Rights of Holder of Bill of Exchange against the Drawee, Aigler, R. W. (1924). Rights of Holder of Bill of Exchange against the Drawee. Harv. L. Rev., 38, 857. Does the holder of a check in a bill of exchange, for instance, have any sufficient rights against the drawee bank? A universal response will be positive. The holder may insist on payment by the bank if there are fund in reserve to cover the amount. An average lawyer who knows the provisions of the Uniform Negotiable Instruments Law will affirm that the holder has no rights against the bank. This paper uncovers the accuracy of these two schools of thoughts-the lawyer's and the holder's viewpoints.
- Right of the Remitter of a Bill or Note, Moore, U. (1920). Right of the Remitter of a Bill or Note. Colum. L. Rev., 20, 749. It is a usual practice for business across North America, British Isles, Europe and some other parts of the World that follow European way of doing business to conduct transactions in which a negotiable bill of exchange, check or promissory notes are visible in such a manner that a third party(excluding payee and obligor) has the undertakings at his or her beck and call between the period of appending the signature of the maker, acceptor, acceptor or irregular indorser and the receipt by the recipient(payee) of the undertaking. This paper examines the remitters right of such bill or note.
- Effect of Acceptance of an Altered Bill, Greeley, L. M. (1932). Effect of Acceptance of an Altered Bill. Ill. L. Rev., 27, 519. This paper understudies the effect of acceptance of an altered bill.
- Profit and duty in the Second Bank of the United States' exchange operations, Knodell, J. (2003). Profit and duty in the Second Bank of the United States' exchange operations. Financial History Review, 10(1), 5-30. There was an imminent trade-off faced by the Second Bank of the United States(1816-36) between the expected revenue for shareholders and the free but expensive fiscal responsibilities to be provided for the Federal Government as mandated during the period of expanding westward and local transportation systems. This article opines that the large-scale dealings of the bank in local and foreign exchange overhauled this imminent trade-off into a beneficial relationship between the private and public obligations. The banks success was attributed to the discovery of the niche-the provision of payment services that are interregional and international in scope and operations.