This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 6.— Has the drawee of a sight draft a legal right in accepting a draft to date acceptance at termination of the 48 hours (two days) allowed for acceptance? Could an acceptance so dated be legally refused ?
Answer.—The holder is entitled to immediate acceptance, dated on the day of presentation, and if refused may treat the bill as dishonoured. The clause in question gives the drawee no rights whatever, but merely means that the holder may, if he thinks fit, give the drawee two days to make up his mind, without thereby releasing the drawer or previous endorsers.