The drawer of a bill is under no legal obligation to accept the bill, even if he is indebted to the drawer to the amount of the bill, or has funds of the drawer in his possession to that amount,3 unless he has for a valuable consideration expressly4 or impliedly5 agreed to accept it. When a drawee has thus agreed to accept a bill he is liable in damages for the breach of his contract,6 the measure of damage being the inconvenience and loss caused to the drawer by the drawee's failure to accept.7

1 Cox vs. National Bank, 100 U.

S., 712; Clark vs. Cock, 4 East, 57. 2 Gibson vs. Smith, 75 Ga., 33.

3 See Chitty on Bills, 28.

4 Laing vs. Barclay, I. B. & C, 398; 83 C. L., 170.

5 Helm vs. Meyer, 30 La. Ann., 943. Where funds are sent to a person for the purpose of meeting a bill drawn upon him, and he retains same without objection or promise to accept, it will be implied.

Upon acceptance the drawer, now the acceptor, becomes the principal debtor and the party primarily liable for the payment of the bill.8 The liability towards the holder, of the acceptor of a bill of exchange, is the same as that of the maker of a promissory note, and is governed by the same rules.9

The acceptance of a bill by the drawee admits everything essentially to the validity of a bill,10 including the existence of the drawer, the genuineness of signatures,11 the inviolacy of the body of the bill,12 the capacity of the parties,13 the authority of the parties,14 and that there were funds of the drawer in the hands of the acceptor.15 None of the facts thus admitted can be disputed in a suit by a bona fide holder for value, but as between the immediate parties to the instrument the true state of facts can be shown.