Page:United States Statutes at Large Volume 77.djvu/720

 688

PUBLIC LAW 88-243-DEC. 30, 1963

[77 STAT.

(b) where an instrument is payable after sight it must either be presented for acceptance or negotiated within a reasonable time after date or issue whichever is later; (c) where an instrument shows the date on which it is payable presentment for payment is due on that date; (d) where an instrument is accelerated presentment for payment is due within a reasonable time after the acceleration; (e) with respect to the liability of any secondary party presentment for acceptance or payment of any other instrument is due within a reasonable time after such party becomes liable thereon. (2) A reasonable time for presentment is determined by the nature of the instrument, any usage of banking or trade and the facts of the particular case. I n the case of an uncertified check which is drawn and payable within the United States and which is not a draft drawn by a bank the following are presumed to be reasonable periods within which to present for payment or to initiate bank collection: (a) with respect to the liability of the drawer, thirty days after date or issue whichever is later; and • (b) with respect to the liability of an indorser, seven days after his indorsement. (3) Where any presentment is due on a day which is not a full business day for either the person making presentment or the party to pay or accept, presentment is due on the next following day which is a full business day for both parties. (4) Presentment to be sufficient must be made at a reasonable hour, and if at a bank during its banking day. § 28:3—504. How presentment made (1) Presentment is a demand for acceptance or payment made upon the maker, acceptor, drawee or other payor by or on behalf of the holder. (2) Presentment may be made (a) by mail, in which event the time of presentment is determined by the time of receipt of the mail; or (b) through a clearing house; or (c) at the place of acceptance or payment specified in the instrument or if there be none at the place of business or residence of the party to accept or pay. If neither the party to accept or pay nor anyone authorized to act for him is present or accessible at such place presentment is excused. (3) I t may be made (a) to any one of two or more makers, acceptors, drawees or other payors; or (b) to any person who has authority to make or refuse the acceptance or payment. (4) A draft accepted or a note made payable at a ]y'Ank in the United States must be presented at such bank. (5) I n the cases described in section 28:4—210 Presentment may be made in the manner and with the result stated in that section. § 28:3—505. Rights of party to whom presentment is made (1) The party to whom presentment is made may without dishonor require (a) exhibition of the instrument; and (b) reasonable identification of the person making presentment and evidence of his authority to make it if made for another; and (c) that the instrument be produced for acceptance or payment at a place specified in it, or if there be none at any place reasonable in the circumstances; and

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