Page:United States Statutes at Large Volume 77.djvu/719

 77 STAT. ]

PUBLIC LAW 88-243-DEC. 30, 1963

PART 5—PRESENTMENT, NOTICE OF DISHONOR AND PROTEST §28:3—501. When presentment, notice of dishonor, and protest necessary or permissible (1) Unless excused (section 28:8—511) presentment is necessary to charge secondary parties as follows: (a) presentment for acceptance is necessary to charge the drawer and indorsers of a draft where the draft so provides, or is payable elsewhere that at the residence or place of business of the drawee, or its date of payment depends upon such presentment. The holder may at his option present for acceptance any other draft payable at a stated date; (b) presentment for payment is necessary to charge any indorser; (c) in the case of any drawer, the acceptor of a draft payable at a bank or the maker of a note payable at a bank, presentment for payment is necessary, but failure to make presentment discharges such drawer, acceptor or maker only as stated in section 28:3—502(1)(b). (2) Unless excused (section 28:3—511) (a) notice of any dishonor is necessary to charge any indorser; (b) in the case of any drawer, the acceptor of a draft payable at a bank or the maker of a note payable at a bank, notice of any dishonor is necessary, but failure to give such notice discharges such drawer, acceptor or maker only as stated in section 28:3—502 (l)"(b). (3) Unless excused (section 28:3—511) protest of any dishonor is necessary to charge the drawer and indorsers of any draft which on its face appears to be drawn or payable outside of the states and territories of the United States and the District. The holder may at his option make protest of any dishonor of any other instrument and in the case of a foreign draft may on insolvency of the acceptor before maturity make protest for better security. (4) Notwitfistanding any provision of this section, neither presentment nor notice of dishonor nor protest is necessary to charge an indorser who has indorsed an instrument after maturity. § 28:3—502. Unexcused delay; discharge (1) Where without excuse any necessary presentment or notice of dishonor is delated beyond the time when it is due (a) any indorser is discharged; and (b) any drawer or the acceptor of a draft payable at a bank or the maker of a note payable at a bank who because the drawee or payor bank becomes insolvent during the delay is deprived of funds maintained with the drawee or payor bank to cover the instrument may discharge his liability by written assignment to the holder of his rights against the drawee or payor bank in respect of such funds, but such drawer, acceptor or maker is not otherwise discharged. (2) Where without excuse a necessary protest is delayed beyond the time when it is due any drawer or indorser is discharged. §28:3—503. Time of presentment (1) Unless a different time is expressed in the instrument the time for any presentment is determined as follows: (a) where an instrument is payable at or a fixed period after a stated date sm^ presentment for acceptance must be made on or before the date it is payable;

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