Page:United States Statutes at Large Volume 76A.djvu/353

–257– -257(3) where the drawee has been adjudged a bankrupt or an insolvent or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustee or assignee. § 4504. Days on which presentment may be made A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under sections 1403 and 4416 of this title. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon, on that day. § 4505. Insufficient time Where the holder of a bill drawn payable elsewhere than at the place of business or the residence of the drawee has not time with the exercise of reasonable diligence to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused and does not discharge the drawers and indorserS. § 4506. Excuse Presentment for acceptance is excused and a bill may be treated as dishonored by nonacceptance, in either of the following cases: (1) where the drawee is dead, or has absconded, or is a fictitious person, or a person not having capacity to contract by bill; (2) where, after the exercise of reasonable diligence, presentment cannot be made; (3) where, although presentment has been irregular, acceptance has been refused on some other ground. § 4507. Dishonor by nonacceptance A bill is dishonored by nonacceptance: (1) when it is duly presented for acceptance and such an acceptance as is prescribed by this chapter is refused or cannot be obtained; or (2) when presentment for acceptance is excused and the bill is not accepted. § 4508. D u t y of holder on nonacceptance If a bill is duly presented for acceptance and is not accepted within the prescribed time the person presenting it must treat the bill as dishonored by nonacceptance or he loses the right of recourse against the drawer and indorsers. § 4509. Rights of holder on nonacceptance If a bill is dishonored by nonacceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder and no presentment for payment is necessary. Article D—Protest § 4511. Necessity for protest If a foreign bill appearing on its face for nonacceptance, and by nonacceptance, it must be duly protested for nonacceptance, and where such a bill which has not previously been dishonored by nonacceptance is dishonored by nonpayment, it must be duly protested for nonpayment. If it is not so protested, the drawer and indorsers are discharged. "Where a bill does not appear on its face to be a foreign bill, protest thereof in case of dishonor is unnecessary.

§ 4512. Method of making The protest must be annexed to the bill, or must contain a copy thereof, and must be under the hand and seal of the notary making it, and must specify: (1) the time and place of presentment;

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