VI. PRESENTATION FOR PAYMENT
Sec. 70. Effect of want of demand on principal debtor. – Presentment for payment is not necessary in order to charge the person primarily liable on the instrument; but if the instrument is, by its terms, payable at a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of payment upon his part. But except as herein otherwise provided, presentment for payment is necessary in order to charge the drawer and indorsers.
Sec. 71. Presentment where instrument is not payable on demand and where payable on demand. – Where the instrument is not payable on 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.
Sec. 72. What constitutes a sufficient presentment. – Presentment for payment, to be sufficient, must be made:
(a) By the holder, or by some person authorized to receive payment on his behalf;
(b) At a reasonable hour on a business day;
(c) At a proper place as herein defined;
(d) 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.
Sec. 73. Place of presentment. – Presentment for payment is made at the proper place:
(a) Where a place of payment is specified in the instrument and it is there presented;
(b) 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;
(c) 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;
(d) 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.
Sec. 74. Instrument must be exhibited. – The instrument must be exhibited to the person from whom payment is demanded, and when it is paid, must be delivered up to the party paying it.
Sec. 75. Presentment where instrument payable at bank. – Where the instrument is payable at a bank, presentment for payment must be made during banking hours, unless the person to make payment has 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.
Sec. 76. Presentment where principal debtor is dead. – Where the person primarily liable on the instrument is dead and no place of payment is specified, presentment for payment must be made to his personal representative, if such there be, and if, with the exercise of reasonable diligence, he can be found.
Sec. 77. Presentment to persons liable as partners. – 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.
Sec. 78. Presentment to joint debtors. – 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.
Sec. 79. When presentment not required to charge the drawer. – 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.
Sec. 80. When presentment not required to charge the indorser. – Presentment 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.
Sec. 81. When delay in making presentment is excused. – 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.
Sec. 82. When presentment for payment is excused. – Presentment for payment is excused:
(a) Where, after the exercise of reasonable diligence, presentment, as required by this Act, cannot be made;
(b) Where the drawee is a fictitious person;
(c) By waiver of presentment, express or implied.
Sec. 83. When instrument dishonored by non-payment. – The instrument is dishonored by non-payment when:
(a) It is duly presented for payment and payment is refused or cannot be obtained; or
(b) Presentment is excused and the instrument is overdue and unpaid.
Sec. 84. Liability of person secondarily liable, when instrument dishonored. – Subject to the provisions of this Act, when the instrument is dishonored by non-payment, an immediate right of recourse to all parties secondarily liable thereon accrues to the holder.
Sec. 85. Time of maturity. – Every negotiable instrument is payable at the time fixed therein without grace. When the day of maturity falls upon Sunday or a holiday, the instruments falling due or becoming payable 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.
Sec. 86. Time; how computed. – When the instrument is payable at a fixed period after date, after sight, or after that happening 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.
Sec. 87. Rule where instrument payable at bank. – Where the instrument is made payable at a bank, it is equivalent to an order to the bank to pay the same for the account of the principal debtor thereon.
Sec. 88. What constitutes payment in due course. – Payment is made in due course when it is made at or after the maturity of the payment to the holder thereof in good faith and without notice that his title is defective.