2210. Drawer's admissions and engagements. The drawer by drawing the instrument admits the existence of the payee and his then capacity to indorse, and engages that on due presentment the instrument will be accepted or paid, or both, according to its tenor, and that if it be dishonored and the necessary proceedings on dishonor be duly taken, he will pay the amount thereof to the holder or to any subsequent indorser who may be compelled to pay it. But the drawer may insert in the instrument an express stipulation negativing or limiting his own liability to the holder.

1899, c. 733, s. 61.

2211. Acceptor's engagements. The acceptor by accepting the instrument engages that he will pay it according to the tenor of his acceptance; and admits (1) existence of the drawer, the genuineness of his signature and his capacity and authority to draw the instrument; and (2) the existence of the payee and his then capacity to indorse.

1899, c. 733, s. 62.

2212. Who deemed indorsers. A person placing his signature upon an instrument otherwise than as maker, drawer or acceptor is deemed to be an indorser, unless he clearly indicates by appropriate words his intention to be bound in some other capacity.

1899, c. 733, s. 63.

2213. Signing in blank, liable as indorser. Where a person not otherwise a party to an instrument places thereon his signature in blank before delivery he is liable as indorser in accordance with the following rules: (1) If the instrument is payable to the order of a third person he is liable to the payee and to all subsequent parties; (2) if the instrument is payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer; (3) if he signs for the accommodation of the payee he is liable to all parties subsequent to the payee.

1899, c. 733, s. 64.

2214. Delivery or qualified indorsement warrants what. Every person negotiating an instrument by delivery or by a qualified indorsement warrants (1) that the instrument is genuine and in all respects what it purports to be; (2) that he has a good title to it; (3) that all prior parties had capacity to contract; (4) that he has no knowledge of any fact which would impair the validity of the instrument or render it valueless. But when the negotiation is by delivery only the warranty extends in favor of no holder other than the immediate transferee. The provisions of subdivision three of

this section do not apply to persons negotiating public or corporate securities other than bills and notes.

1899, c. 733, s. 65.

2215. Indorser without qualification warrants what. Every indorser who indorses without qualification warrants to all subsequent holders in due course (1) the matters and things mentioned in subdivisions one, two and three of the next preceding section; and (2) that the instrument is at the time of his indorsement valid and subsisting. And in addition he engages that on due presentment it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored and the necessary proceedings on dishonor be duly taken he will pay the amount thereof to the holder or to any subsequent indorser who may be compelled to pay it.

1899, c. 733, s. 66.

2216. Indorser of instrument negotiable by delivery. Where a person places his indorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser.

1899, c. 733, s. 67.

2217. In order of their indorsement. As respects one another, indorsers are liable prima facie in the order in which they indorse; but evidence is admissible to show that as between or among themselves they have agreed otherwise. Joint payees or joint indorsees who indorse are deemed to indorse jointly and severally.

1899, c. 733, s. 68.

2218. Broker or agent negotiating without indorsement. Where a broker or other agent negotiates an instrument without indorsement he incurs all the liabilities prescribed by section two thousand two hundred and fourteen, unless he discloses the name of his principal and the fact that he is acting only as agent.

1899, c. 733, s. 69.

IX. PRESENTMENT FOR PAYMENT.

2219. When necessary; when not. Presentment for payment is not necessary in order to charge the person primarily 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.

1899, c. 733, s. 70.

2220. At what time. 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.

1899, c. 733, s. 71.

2221. How made. 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.

1899, c. 733, s. 72.

2222. Proper place for. 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 the payment is given in the instrument, and 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.

1899, c. 733, s. 73.

2223. Instrument exhibited to party, delivered when paid. 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.

1899, c. 733, s. 74.

2224. Payable at bank, how made. Where the instrument is payable at a bank presentment for payment must be made during banking hours, unless the person to make 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 that day is sufficient. 1899, c. 733, s. 75.

2225. When made to personal representative. Where the person primarily liable on the instrument is dead, and no place of payment is specified, presentment for payment must be made to his personal representative, if such there be, and if with the exercise of reasonable diligence he can be found.

1899, c. 733, s. 76.

2226. How made to partners. Where the persons primarily 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.

1899, c. 733, s. 77.

2227. To persons severally liable. Where there are several persons not parties primarily liable on the instrument and no place of payment is specified, presentment must be made to them all.

1899, c. 733, s. 78.

2228. When not required to charge drawer. Presentment for payment is not required in order to charge the drawer where he has no right to expect or require that the drawee or acceptor will pay the instrument.

1899, c. 733, s. 79.

2229. Not required to charge indorser, when. Presentment for payment is not required in order to charge an indorser 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.

1899, c. 733, s. 80.

2230. Delay in making, when excused. Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconduct or negligence. When the cause of delay ceases to operate presentment must be made with reasonable diligence.

1899, c. 733, s. 81.

2231. Dispensed with, when. Presentment for payment is dispensed with (1) where after the exercise of reasonable diligence presentment as required by this chapter can not be made; (2) where the drawee is a fictitious person; (3) by waiver of presentment, express or implied.

1899, c. 733, s. 82.

2232. What constitutes. 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.

1899, c. 733, s. 83.

2233. Dishonor gives right of action against those secondarily liable. Subject to the provisions of this chapter, when the instrument

is dishonored by nonpayment, an immediate right of recourse to all parties secondarily liable thereon accrues to the holder.

1899, c. 733, s. 84.

2234. When negotiable instruments payable. Every negotiable instrument is payable at the time fixed therein with grace as allowed by the succeeding section. 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, when it is a holiday, are to be presented for payment on the next succeeding business day, except that instruments payable on demand may at the option of the holder be presented for payment before twelve o'clock noon on Saturday, when that entire day is not a holiday.

1899, c. 733, s. 85.

2235. Days of grace, what allowed. All bills of exchange payable within the state, at sight, in which there is no express stipulation to the contrary, shall be entitled to days of grace as the same are allowed by the custom of merchants on foreign bills of exchange payable at the expiration of a certain period after date or sight: Provided, that no days of grace shall be allowed on any bill of exchange, promissory note, or draft payable on demand.

Code, s. 43; 1905, c. 327.

2236. Time, how computed. Where the instrument is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run and by including the date of payment.

1899, c. 733, s. 86.

2237. Instrument payable at bank is an order to bank to pay. Where the instrument is made payable at a bank it is equivalent to an order to the bank to pay the same for the account of the principal debtor thereon.

1899, c. 733, s. 87.

2238. Payment in due course, what is. Payment is made in due course when it is made at or after the maturity of the instrument to the holder thereof in good faith and without notice that his title is defective.

1899, c. 733, s. 88.

X. NOTICE OF DISHONOR.

2239. Effect of failure to give. Except as herein otherwise provided, when a negotiable instrument has been dishonored by non