407. Payment by acceptance of bill of exchange.

In commercial practice it is common for the contract to provide that, instead of payment becoming due in cash on tender of the documents, the buyer will accept a bill of exchange payable at a later date drawn on him by the seller. In such a case it is the buyer's duty, on tender of the bill of exchange together with the documents, to accept the bill of exchange, but, if he does not do so, he must return the bill of lading and the property in the goods does not pass to him