as herein otherwise provided presentment for payment is necessary in order to charge the drawer and indorsers. presentment. SECTION 71. Where the instrument is not payable on Time of demand presentment must be made on the day it falls due. Where it is payable on demand presentment must be made within a reasonable time after its issue, except that in the case of a bill of exchange presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof. SECTION 72. Presentment for payment, to be suffi- By whom precient, must be made: I. By the holder, or by some person authorized to receive payment on his behalf; 2. At a reasonable hour on a business day; 3. At a proper place as herein defined; 4. To the person primarily liable on the instrument, or, if he is absent or inaccessible, to any person found at the place where the presentment is made. sentment must be made. SECTION 73. Presentment for payment is made at the Place of preproper place: I. Where a place of payment is specified in the instrument and it is there presented; 2. Where no place of payment is specified, but the address of the person to make payment is given in the instrument and it is there presented; 3. Where no place of payment is specified and no address is given and the instrument is presented at the usual place of business or residence of the person to make payment; 4. In any other case, if presented to the person to make payment wherever he can be found, or if presented at his last known place of business or residence. sentment. be delivered to SECTION 74. The instrument must be exhibited to the Instrument to person from whom payment is demanded, and when it party paying. is paid must be delivered up to the party paying it. bank must be banking hours, SECTION 75. Where the instrument is payable at a Presentment at bank presentment for payment must be made during made during banking hours, unless the person to make payment has unless, etc. no funds there to meet it at any time during the day, in which case presentment at any hour before the bank is closed on that day is sufficient. liable is dead, SECTION 76. Where the person primarily liable on where person the instrument is dead, and no place of payment is etc. specified, presentment for payment must be made to his personal representative, if there is any such, and Where persons are liable as partners, etc. Where there are several persons not partners, etc. Presentment not required in certain cases. Same subject. Delay in making presentment excused in certain cases. Presentment dispensed with if, with the exercise of reasonable diligence, he can be found. SECTION 77. Where the persons primarily liable on the instrument are liable as partners, and no place of payment is specified, presentment for payment may be made to any one of them, even though there has been a dissolution of the firm. SECTION 78. Where there are several persons, not partners, primarily liable on the instrument, and no place of payment is specified, presentment must be made to them all. SECTION 79. Presentment for payment is not required in order to charge the drawer where he has no right to expect or require that the drawee or acceptor will pay the instrument. SECTION 80. Presentment for payment is not required in order to charge an indorser where the instrument was made or accepted for his accommodation, and he has no reason to expect that the instrument will be paid if presented. SECTION 81. Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, misconduct or negligence. When the cause of delay ceases to operate presentment must be made with reasonable diligence. SECTION 82. Presentment for payment is dispensed in certain cases. with: When an instrument is dishonored. Right of recourse ac 1. Where after the exercise of reasonable diligence presentment as required by this act cannot be made; 2. Where the drawee is a fictitious person; 3. By waiver of presentment, express or implied. SECTION 83. The instrument is dishonored by nonpayment when: I. It is duly presented for payment and payment is refused or cannot be obtained; or 2. Presentment is excused and the instrument is overdue and unpaid. SECTION 84. Subject to the provisions of this act, crues to holder when the instrument is dishonored by non-payment, an immediate right of recourse to all parties secondarily liable thereon accrues to the holder. in certain cases. Time of payment. SECTION 85. Every negotiable instrument is payable at the time fixed therein without grace. When the day of maturity falls upon Sunday or a holiday the instru ment is payable on the next succeeding business day. Instruments falling due on Saturday are to be presented for payment on the next succeeding business day, except that instruments payable on demand may, at the option of the holder, be presented for payment before twelve o'clock noon on Saturday, when that entire day is not a holiday. SECTION 86. Where the instrument is payable at a Payable at a fixed period after date, after sight, or after the happening after date, etc. fixed period of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run, and by including the date of payment. bank, etc. SECTION 87. Where the instrument is made payable If payable at a at a bank it is equivalent to an order to the bank to pay the same for the account of the principal debtor thereon. SECTION 88. Payment is made in due course when it when payment is made at or after the maturity of the instrument to the holder thereof in good faith and without notice that his title is defective. is made in due course. NOTICE OF DISHONOR. honor. SECTION 89. Except as herein otherwise provided, Notice of diswhen a negotiable instrument has been dishonored by nonacceptance or non-payment, notice of dishonor must be given to the drawer and to each indorser, and any drawer or indorser to whom such notice is not given is discharged. given. SECTION 90. The notice may be given by or on behalf How given. of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who, upon taking it up, would have a right to reimbursement from the party to whom the notice is given. SECTION 91. Notice of dishonor may be given by an By whom agent either in his own name or in the name of any party entitled to give notice, whether that party is his principal or not. SECTION 92. Where notice is given by or on behalf Notice given on of the holder it enures for the benefit of all subsequent holder, etc. holders and all prior parties who have a right of recourse against the party to whom it is given. SECTION 93. Where notice is given by or on of a party entitled to give notice it enures for the of the holder and all parties subsequent to the whom notice is given. behalf of behalf Notice given on benefit entitled to give party to behalf of party notice. To whom notice is given when instru ment is dishonored. Written notice need not be signed, etc. Notice may be in writing or oral, etc. To whom notice may be given. In case of death of party notice. representative. Notice to one member of a Notice to parties not SECTION 94. Where the instrument has been dishonored in the hands of an agent he may either himself give notice to the parties liable thereon, or he may give notice to his principal. If he gives notice to his principal he must do so within the same time as if he were the holder, and the principal upon the receipt of such notice has himself the same time for giving notice as if the agent had been an independent holder. SECTION 95. A written notice need not be signed and an insufficient written notice may be supplemented and validated by verbal communication. A misdescription of the instrument does not vitiate the notice unless the party to whom the notice is given is in fact misled thereby. SECTION 96. The notice may be in writing or merely oral, and may be given in any terms which sufficiently identify the instrument and indicate that it has been dishonored by non-acceptance or non-payment. It may in all cases be given by delivering it personally or through the mails. SECTION 97. Notice of dishonor may be given either to the party himself or to his agent in that behalf. SECTION 100. SECTION 98. When any party is dead, and his death must be given to is known to the party giving notice, the notice must be given to a personal representative, if there is one, and if with reasonable diligence he can be found. If there is no personal representative notice may be sent to the last residence or last place of business of the deceased. SECTION 99. Where the parties to be notified are firm sufficient. partners notice to any one partner is notice to the firm, even though there has been a dissolution. Notice to joint parties who are not partners must partners must be given to each of them, unless one of them has authority to receive such notice for the others. SECTION IOI. Where a party has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, notice may be given either to the party himself or to his trustee or assignee. SECTION 102. Notice may be given as soon as the as instrument instrument is dishonored; and unless delay is excused as hereinafter provided must be given within the times fixed by this act. be given to Notice may be given as soon is dishonored. Time of giving notice in certain cases. SECTION 103. Where the person giving and the person to receive notice reside in the same place notice must be given within the following times: I. If given at the place of business of the person to receive notice it must be given before the close of business hours on the day following; 2. If given at his residence it must be given before the usual hours of rest on the day following; 3. If sent by mail it must be deposited in the post office in time to reach him in usual course on the day following. SECTION 104. Where the person giving and the per- Same subject. son to receive notice reside in different places the notice must be given within the following times: I. If sent by mail it must be deposited in the post office in time to go by mail the day following the day of dishonor, or if there is no mail at a convenient hour on that day, by the next mail thereafter. 2. If given otherwise than through the post office, then within the time that notice would have been received in due course of mail if it had been deposited in the post office within the time specified in the last subdivision. ited in post sufficient. SECTION 105. Where notice of dishonor is duly ad- Notice deposdressed and deposited in the post office the sender is office is deemed deemed to have given due notice, notwithstanding any miscarriage in the mails. SECTION 106. Notice is deemed to have been depos- Same subject. ited in the post office when deposited in any branch post office or in any letter box under the control of the post office department. SECTION 107. Where a party receives notice of dis- Time given to party receiving honor he has, after the receipt of such notice, the same notice. time for giving notice to antecedent parties that the holder has after the dishonor. sent to special SECTION 108. Where a party has added an address Notice must be to his signature notice of dishonor must be sent to that address, etc. address; but if he has not given such address then the notice must be sent as follows: I. Either to the post office nearest to his place of residence, or to the post office where he is accustomed to receive his letters; or 2. If he lives in one place, and has his place of business in another, notice may be sent to either place; or 3. If he is sojourning in another place notice may be sent to the place where he is so sojourning. But where the notice is actually received by the party within the time specified in this act it will be sufficient, though not sent in accordance with the requirements of this section. |