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 to the bill.
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. When once made, the obligation of the acceptor is irrevocable.
The liability of the acceptor cannot in general be released or discharged, otherwise than by payment, or by express release or waiver, or by the act of limitations. What amounts to a waiver and discharge of the acceptor's liability, must depend on the circumstances of each particular case.
This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.
Courtesy of the 'Lectric Law Library