An acceptance once made in writing cannot be revoked after delivery of the acceptance to the holder, unless the holder was in some way a party to an imposition upon the acceptor.1 It would seem to follow that any other kind of acceptance recognized as valid in the particular jurisdiction could not be revoked; but it has been held that a promise to accept a draft made to the holder of the draft could be revoked where no third person was affected.2 There is reason in holding that a been heretofore stated and need not be repeated here.4 The same is true of an order drawn generally and not payable out of a particular fund.5 The exceptions to the above statement are (1) in the case of checks which have been treated by the parties and are understood between them to be assignments of a particular fund or a portion thereof, they will be considered as total from a legal, or partial assignments from an equitable, point of view;6 and this rule would be applied to drafts; (2) orders or bills of exchange, so called, payable out of a particular fund, or describing the fund out of which they are payable, will be considered assignments of the fund pro tanto,7 with the proviso that if they take a part of the fund only they are partial assignments, not good at law but in equity;8 (3) a promise to accept on the part of the drawer, or, as we have seen, previous authority to draw the draft or a letter of credit, may dispense with the necessity for acceptance;9 (4) there are some peculiar cases where the transaction amounts to the creation of a trust,10 or it may be an implied acceptance,11 or what may be termed an estoppel.12 Thus it has been held that where one man induced another to draw a bill in which the second man had no interest, the bill being drawn against funds prepared by the first man to meet the draft, and the latter induced the payee not to present the draft and then appropriated the fund for other purposes, the draft would be considered as having been accepted by the drawee as agent of the person who caused the draft to be drawn, and the latter would be held to have appropriated the money of the payee and as liable for money had and received;13 (5) though the drawee may be dead, his personal representative may accept the bill or order both before and after maturity;14 (6) the acceptance maybe waived,15 either because the document is considered as accepted or by express waiver. But if the bill or check or order be not accepted the payee has his recourse upon the drawer or in-dorsers, and every one responsible to him upon the document, provided he protect his rights as hereinafter stated,16 or if he has seasonably protected his rights may sue the drawer upon his original claim.17 But if the drawer drew as agent the agent is not personally responsible,18 except for the truth of his implied representation of his authority as agent.19 In a peculiar case the holder was refused a remedy against the drawer or one whom he had the right to consider the drawer.20

4 Miltenberger v. Cooke, 18 Wall. 421. Drawee knew draft was drawn.

5 Carrollton Bank v. Tayleur, 16 La. 490.

6 See Sherwin v. Brigham, 1 Cleve. Law R. 22, 39 Ohio St. 137.

7 Starr v. Murchison, 1 City Ct. R. 413. The acceptance becomes a promissory note

8 Miltenberger v. Cooke, 18 Wall. 421.

9 See Sec. 221, ante, and Sec. Sec. 219 and 220, ante.

1 Fort Dearborn Nat. Bank v. Carter, Rice & Co., 152 Mass. 34; An-dressen v. First Nat. Bank, 2 Fed. R. 122. It cannot be revoked as to the drawer by an agreement between the payee and acceptor to revoke it. Trent Tile Co. v. Fort Dearborn Nat. Bank, 54 N. J. Law. 33, 599.

2Robbins v. Lambeth, 2 Rob. (La.) 304. A promise to accept may be considered as an offer. This offer is made to any one who chooses to act upon it. Until it is acted upon it is no more than an offer and may promise to accept, made before the draft is drawn, could be revoked at any time before the promise is acted upon, for such a promise is nothing more than a letter of credit, which gains no efficacy until acted upon. This is as far as the rule should go. A uniform rule ought to be applied to all valid acceptances, whatever their nature, and an acceptance once complete ought to be revocable only for fraud3 or mistake. A mistake as to the signature of the drawer, or as to the possession of funds, ought to be excepted from the right of revocation, because the drawee is bound to know the signature of the drawer and the state of the accounts. As to a bona fide transferee after acceptance, or as to a bona fide ac-ceptee who has altered his position on the strength of the acceptance, the acceptance as well as the promise to accept before or after the drawing of the bill must be considered irrevocable.4 This statement presupposes that the bill is a genuine bill, not forged as to an indorser's name or as to the amount.