Page:United States Statutes at Large Volume 31.djvu/1456

 1404 E1E’rY-S1xrH CONGRESS. Sess. 11. GH. ss-1. 1901. ment wherever he can be found or if presented at his last known place of business or residence. V ‘ e;,§,§{t';Ig€¤°m“S*b€ Sec. 1378. 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. m;Q;°’° 3*;, i“S”'“" Sec. 1379. WVhere the instrument is payable at a bank presentment . paya e at 8. . . . 11.11111. 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. de§§,*Q,§§‘; (§*g,j({‘°*P“* Sec. 1380. 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 re(presentative, if such there be, and if, with the exercise of reasonable iligence, he can be found. pafgggggs Uwe “Sec. 1381. 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. jO§]$;§b‘$r’;°“* *0 _ Sec. 1382. _Where there are several persons, not partners, dprimarily liable on the instrument, and no place of payment is specifie, present- _ ment must be made to them all. mVg}§,f§g€“(§§,§,?§;}"°d Sec. 1383. WHEN Nor REQUIRED ·ro CHARGE DRAWER on INDORSER.— 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. ··i¤d°¤*€r- Sec. 1384. 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. mE¤¤¤S<=¤ for failure SEo. 1385. EXCUSES Fon FAILURE.-·—Delay in making presentment present. . . . for payment is excused when the delay is caused by circumstances beyond the control of the holder and not imputahle to his default, misconduct, or negligence. When the cause of delay ceases to operate presentment must be made with reasonable diligence. digggggedpfgiilntment Sec. 1386. WHEN D1812·ENsED wrrH.—Presentment for payment is 'dis ensed with- Blirst. Where, after the exercise of reasonable diligence, presentment as required hereby can not be made. Second. Where the drawee is a fictitious person. _ _ Third. By waiver of presentment, express or implied. d,;§§g§,;’§"§§*°§ggi Sec. 1387. Vl/THEN INSTRUMENT IS 1>1sHoNo1:E1>.—Theinstrumentis payment- dishonored by nonpayment when— - First. It is duly dpresented for payment and payment is refused or can not be obtaine ; or, · Second. Presentment is excused and the instrument is overdue and un aid. s&gg§]gi;;§{y§{a,gg“°¤ gmc. 1388. RIGHT or ACTION ON NONPAYl\IENT.—SHb:l€Cl'1 to the pro- ` visions hereof, when the instrument is dishonored by nonpayment an immediate right of recourse to all parties secondarily liable thereon _ _ accrues to the holder. T‘““’ °‘m““"‘”`· SEc. 1389. WHEN NEGOTIABLE INSTRUMENT IS PAYABLE.—E\’€1‘5’ negotiable instrument is payable at the time fixed therein, without grace. When the day of maturity falls upon Sunday or a holiday the instrument is payable on the next succeeding business day. Instruments falling due on Saturday are to be presented for payment on the next succee ing business day, except that instruments payable on · demand may, at the option of the holder, be presented for payment before twelve ofclock noon on Saturday when that entire day is not a H°lid¤Y¤· holiday. The following days in each year, namely, the first day of January, commonly called New Year’S Day; the twenty-second day of