Definition and Operation of Acceptance

(1)Acceptance is the drawee's signed engagement to honor the draft as presented. It must be written on the draft, and may consist of his signature alone. It becomes operative when completed by delivery or notification.

(2)A draft may be accepted although it has not been signed by the drawer or is otherwise incomplete or is overdue or has been dishonored. COL120106 DIV. 3 COMMERCIAL PAPER

(3)Where the draft is payable at a fixed period after sight and the acceptor fails to date his acceptance the holder may complete it by supplying a date in good faith.