Page:United States Statutes at Large Volume 47 Part 1.djvu/1341

 72d CONGRESS. SESS. II. CH. 128 . FE BRUARY 27, 1933 . 1317 (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. SEC. 1473. MUST BE EXHIBITED .-The instrument must be exhibited Must be exhibited . to the p erson f rom who m paymen t is de manded, and wh en it is paid must be delivered up to the party paying it. SEC. 1474. HERE PAYABLE AT BANK .-Where the instrument is payabl e at a bank, presentment for payment must be made during ban ki ng hours, unless the person to ma ke pa ym ent has no funds there to meet it at any time during the day, in which case present- ment at any hour before the bank is closed on that day is sufficient. SEC. 1475. WHEN PERSON LIABLE IS DEAD .-Where the person pri- maril liable on the instrument is, dead, and no place of payment is specified, presentment for paymet must be made to his personal representative, if such there be, and if, with the exercise of rea- sonable diligence, he can be found. SEC. 1476. PERSONS LIABLE AS PARTNERS .-Where the persons pri- n Persons'_iableaspart. marily 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. 1477. JOINT DEBTS. -Where there are several persons, not Joint debts partners, primarily liable on the instrument, and no place of pay- ment is specified, pr esentment must be ma de to them all. SEC. 1478. PR ESENTME NT FOR P AYMENT NOT REQ UIRED WHEN .-Pre- sentment for payment is not required in order to charge the drawer where he has no right to expect or require that the drawee or accep- tor will pay the inst rument. SEC. 1479. PRESENTMENT FOR PAYMENT NOT REQUIRED WHEN .-Pre- Accommodation par- sentment for payment is not required in order to charge an indorser ties. 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. 1480. DELAY ExcusED .-Delay in making presentment for Delay excused • payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, mis- conduct, or negligence. When the cause of delay ceases to operate, presentment must be made with reasonable diligence. SEC. 1481. WH EN DISPENSED WITH .-Presentment for payment is dispensed with- (1) Where after the exercise of reasonable diligence presentment as r equired by this titl e can not be made ; (2) Where the drawee is a fictitious person ; (3 By waiver of presentment, express or implied . SEC. 1482. WHEN DISHONO RED BY NONPAYMENT .-The instrument is dishonored by nonpayment when- (1) It is duly presented for payment and payment is refused or can not be obtained ; or (2) Presentment is excused and the instrument is overdue and unpaid . SEC . 1483 . LIABILITY OF PERSO N SEC ONDARI LY LI ABLE .-Su bject t o secL rond~ty hoafk lperson the provisions of chapte rs 66 to 69 of this code, when the instr ument Ante, p. 1307 ; pest, is dishonored by nonpayment, an immediate right of recourse to all p' 13~ parties secondarily liable thereon accrues to the holder . SEC . 1484. TIME OF PAYMENT.-Every negotiable instrument is pay- Time of payment. able 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 succeeding When payable at bank. When person liable is dead. Presentme nt for pa y- ment not required, when. When dispensed with. When dishonored by nonpayment.