A promise to pay which is made when the drawee of a time draft (bill of exchange) writes the word “accepted” above the signature and designates a date of payment.
The drawee becomes the acceptor, responsible for payment at the designated day. When a draft is presented to the drawee for acceptance and the drawee accepts the draft, he becomes the primary party obligated to pay the amount of money cited in the draft. Therefore, once the draft reaches maturity date, the acceptor is obligated to make payment. Otherwise, i.e. if the acceptor fails to pay on the due date, an action will be taken against him to enforce the draft without prior notice. In this sense, acceptance is not actual payment because it doesn’t terminate obligations, it rather strengthens claims.
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