Page:United States Statutes at Large Volume 76A.djvu/344

–248– -248this title, unless lie discloses the name of his principal and the fact that he is acting only as agent. Article F—Presentment for Payment § 4401. Failure to present for payment; effect 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. § 4402. Instruments payable on demand and not 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. § 4403. Sufficiency of presentment Presentment for payment, to be sufficient, must be made: (1) 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. § 4404. Place of presentment Presentment for payment is made at the proper place: (1) 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. § 4405. Exhibition of instrument 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. § 4406. 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 ma^e 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 tiiat day is sufficient. § 4407. Principal debtor dead Where a person primarily liable on the instrument is dead, and no place of payment is specified, presentment for payment must be made

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