The liability on a usance bill of exchange is that of

(a) drawer till it is accepted by the drawee (b) payee till is accepted by the drawee (c) drawee after acceptance (d) drawee whether accepted or not

Usance bill of exchange contains an expression making it payable on the expiration of a certain period ‘after date’ or ‘after sight’. Here, the word ‘date’ in the ‘after date’ refers to the date of the bill. ‘After sight’ means ‘after acceptance’, ‘noting for non-acceptance’ or ‘protest for non-acceptance’. ‘After sight’ or ‘on presentment’ bills must be presented before payment can be demanded. Therefore, the liability on a usance bill of exchange is that of drawer till it is accepted by the drawee and drawee after acceptance.