Qualified acceptance releases prior parties from liability unless they assent after notice, altering the instrument's obligations. Where a holder acquiesces in a qualified acceptance-one that is conditional, limited to part payment, specifies or changes the place of payment, or ... Summary
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Qualified acceptance releases prior parties from liability unless they assent after notice, altering the instrument's obligations.
Where a holder acquiesces in a qualified acceptance-one that is conditional, limited to part payment, specifies or changes the place of payment, or changes the time for payment-all prior parties not consenting to that acceptance are discharged as against the holder and those claiming under him, unless those prior parties assent after receiving notice from the holder.
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