Effect of acceptance of bill of exchange
After the bill of exchange is accepted by the payee, the acceptance effect is generated. According to the convention and the bill of exchange laws of various countries, the acceptor shall bear the responsibility of paying the bill on maturity, even if there is no financial relationship between the acceptor and the drawee. In short, the acceptor shall not oppose the payment request of the holder for any reason. At the same time, other debtors of the bill of exchange (such as the drawee, endorser, guarantor, etc.) may exercise the right of recourse against the acceptor when they are pursued or actively pay off the bill of exchange debt and obtain the bill of exchange. In addition, when the holder fails to present the bill for payment on time, his right of recourse against the endorser, guarantor, etc. is also lost, but the holder still has the right to claim rights against the acceptor.
Withdrawal of acceptance of bill of exchange
Withdrawal of acceptance of bill of exchange refers to the act of the payee changing his mind and not wanting to accept the bill of exchange after completing the acceptance record on the bill of exchange and before returning the bill of exchange to the holder, that is, withdrawing his acceptance. This behavior is carried out when the acceptance of the bill of exchange has not taken effect. Therefore, the Geneva Uniform Bills of Exchange Law and the bills of exchange laws of most countries allow the withdrawal of acceptance.