Memorize

Front 1

Sec. 77

Back 1

Presentment to persons liable as partners - Where the persons 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.

Front 2

Sec. 78

Back 2

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.

Front 3

Sec. 79

Back 3

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.

Front 4

Sec. 80

Back 4

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.

Front 5

Sec. 81

Back 5

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 immutable to his default, misconduct, or negligence. When the cause of delay ceases to operate, presentment must be made with reasonable diligence.

Front 6

Sec. 82

Back 6

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 drawer is a fictitious person;

C. By waiver of presentment, express or implied.

Front 7

Sec. 83

Back 7

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

Front 8

Sec. 84

Back 8

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

Front 9

Sec. 85

Back 9

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 instrument 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.

Front 10

Sec. 86

Back 10

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.

Front 11

Sec. 87

Back 11

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.

Front 12

Sec. 88

Back 12

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.

Front 13

Sec. 70 Effext of want of demand on principal debtor

Back 13

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 informer.

Front 14

Sex. 71 - Where the instrument is not payable on demand; and where payable on demand

Back 14

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 of the instrument.

Front 15

Sec. 72 - What constitutes sufficient presentment.

Back 15

Presentment for payment, to be sufficient, must be made

A. By the holder, or by some person authorized to receive the 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 payment is made

Front 16

Sec. 73. Place of presentment

Back 16

Presentment for payment is made at the proper place:

A. Where a place for 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 if business or residence

Front 17

Sec. 74. Instrument must be exhibited

Back 17

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.

Front 18

Sec. 75 Presentment where instrument payable at bank.

Back 18

When 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

Front 19

Sec. 76 Presentment where principal debtor is dead

Back 19

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.

Front 20

Sec. 161 When bill may be accepted for honor.

Back 20

Where the bill has been protested for dishonor by non acceptance or protested for better security and is not overdue, any person not being a party already liable thereon may, with the consent of the holder, intervene and accept the bill supra protest for the honor of the person liable thereon, or for the honor of the person for whose account the bill is drawn; and where there has been acceptance for honor for one party there may be further acceptance by a different person for the honor of another party

Front 21

Sec. 162. Acceptance for honor how made

Back 21

An acceptance for honor supra protest must be in writing, and indicate that it is an acceptance for honor, and signed by the accept or for honor.

Front 22

Sec. 163. When deemed to be an acceptance for honor of drawer.

Back 22

Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer.

Front 23

Sec. 164. Liability of the acceptor for honor.

Back 23

The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted.

Front 24

Sec. 165 Agreement of acceptor for honor

Back 24

The acceptor for honor, by such acceptance engages that he will, on due presentment, pay the bill according to the terms of his acceptance, provided that it shall not have been paid by the drawer and provided also that it shall have been duly presented for payment and protested for non payment and notice of dishonor given to him

Front 25

Sec. 166. Maturity of no payable after sight, accepted for honor

Back 25

Where a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for non acceptance and not from the date of the acceptance for honor

Front 26

Sec. 167. Protest of bill accepted for honor, etc.

Back 26

Where a dishonored bill has been accepted for honor supra protest or contains a referee in case of need, it must be protested for non payment before it is presented for payment to the acceptor for honor or referee in case of need.

Front 27

Sec. 168. Presentment for payment to accepted for honor; how made.

Back 27

Presentment for payment to accepted for honor must be made as follows:

A. If it is to be presented in the place where the protest for nonpayment was made, it must be presented not later than the day following it's maturity

B. If it is to be presented in some other place than the place where it is protested, then it must be forwarded within the time specified in section one hundred and four

Front 28

Sec. 169 When delay in making presentment is excused

Back 28

The provisions of section eighty-one apply where there is delay in making presentment to the accept or for honor or referee in case of need

Front 29

Sec. 170. Dishonor of bill by accept or for honor

Back 29

When the bill is dishonored by accept or for honor, it must be protested for non payment by him

Front 30

Sec. 170 Who may make payment for honor

Back 30

Where a bill has been protested for non payment, any person may intervene and pay it supra protest for the honor of any person liable thereon or for the honor of the person for whose account it is drawn.

Front 31

Sec. 172. Payment for honor; how made.

Back 31

The payment of honor supra protest, in order to operate as such and not as a mere voluntary payment, must be attested by a notarial act of honor which may be appended to the protest or form an extension to it

Front 32

Sec. 173. Declaration before payment for honor.

Back 32

The notarial act of honor must be founded on a declaration made by the payer for honor, or by his agent in that behalf declaring his intention to pay the bill for honor and for whose honor he pays

Front 33

Sec. 174. Preference of parties offering to pay for honor

Back 33

Where two or more persons offers to pay for the honor of different parties, the person whose payment discharges most parties to the bill is to be given preference.

Front 34

Sec. 176. Where holder refuses to receive payment supra protest

Back 34

When the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any part who would have been discharged by such payment

Front 35

Sec. 177. Rights of payer for honor.

Back 35

The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest.

Front 36

Sec. 178. Bills in set constitute one bill.

Back 36

Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the 0parts constitute but one bill

Front 37

Sec. 179. Right of the holders where different parts are negotiated.

Back 37

Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, is the true owner of the bill. But nothing in this section affects the right of a person who in due course accepts or pays the part first presented to him

Front 38

Sec. 180. Liability of holder who indorses two or more parts of a set to different persons

Back 38

Where the holder of a set indorses two or more parts to different persins he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such part were separate bills

Front 39

Sec. 181. Acceptance of bills drawn in sets.

Back 39

The acceptance may be written on any part and it must be written on one part only. If the drawer accepted more than one parts and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill

Front 40

Sec. 182. Payment by accept or of bills drawn in sets.

Back 40

When the accept or of a bill drawn in a set pays it without requiring part bearing his acceptance to be delivered up to him and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon

Front 41

Sec. 183. Effect of discharging one of a set.

Back 41

Except as herein otherwise provided, when any one part of a bill in a set is discharge by payment or otherwise, the whole bill is discharge