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§ 3148. When negotiable by delivery. Where a person places his indorsement on an instrument negotiable by delivery he incurs all the liabilities of an indorser.

See note to § 3082.

§ 3149. Order in which indorsers liable. 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 indorsers who indorse are deemed to indorse jointly and severally.

See note to § 3082.

§ 3150. Liability of broker or agent. Where a broker or other agent negotiates an instrument without indorsement he incurs all the liabilities prescribed by section three thousand one hundred forty-seven, unless he discloses the name of his principal, and the fact that he is acting only as agent.

See note to § 3082.

ARTICLE VI.

Presentment for Payment.

§ 3151. Effect of want of demand on principal debtor.

Presentment where instrument is not payable on demand and where payable on demand.

§ 3152.

§ 3153.

What constitutes a sufficient presentment.

§ 3154.

Place of presentment.

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Presentment to persons liable as partners.
Presentment to joint debtors.

§ 3159.

§ 3161.

§ 3160. When presentment not required to charge the drawer.
When presentment not required to charge the indorser.
When delay in making presentment is excused.
When presentment may be dispensed with.

When instrument dishonored by nonpayment.

§ 3162.

§ 3163.

§ 3164.

§ 3165.

§ 3166.

§ 3167.

Time; how computed.

Liability of person secondarily liable, when instrument dishonored.

Time of maturity.

§ 3168. Rule where instrument payable at bank. § 3169. What constitutes payment in due course.

§ 3151. Presentment for payment. 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.

See note to § 3082.

§ 3152. Presentment for payment. 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.

See note to § 3082.

§ 3153. What constitutes sufficient 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.

See note to § 3082.

§ 3154. 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.

See note to § 3082.

§ 3155. Must be exhibited. 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.

See note to § 3082.

§ 3156. Where payable at bank. Where the instrument is payable at a bank, presentment for payment must be made dur

ing 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.

See note to § 3082.

§ 3157. Where 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 to his personal representative if such there be, and if, with the exercise of reasonable diligence, he can be found.

See note to § 3082.

§ 3158. Persons liable as 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.

See note to § 3082.

§ 3159. Joint debts. Where there are several persons, not partners, primarily liable on the instrument, and no place of payment is specified, presentment must be made to them all. See note to § 3082.

§3160. Presentment for payment not required when. 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.

See note to § 3082.

§ 3161. Presentment for payment not required when. sentment 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.

See note to § 3082.

§ 3162. Delay 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.

See note to § 3082.

§3163. When dispensed with. Presentment for payment is dispensed with

(1) Where after the exercise of reasonable diligence presentment as required by this title cannot be made;

(2) Where the drawee is a fictitious person;

(3) By waiver of presentment, express or implied.

See note to § 3082.

§ 3164. When dishonored by nonpayment. The instrument is dishonored by nonpayment when

(1) It is duly presented for payment and payment is refused or cannot be obtained; or

(2) Presentment is excused and the instrument is overdue. and unpaid.

See note to § 3082.

§ 3165. Liability of person secondarily liable. Subject to the provisions of this title, when the instrument is dishonored by nonpayment, an immediate right of recourse to all parties secondarily liable thereon accrues to the holder.

See note to § 3082.

§ 3166. Time of maturity. Every negotiable instrument is payable at the time fixed therein without grace. When the day of maturity falls upon Sunday, or a holiday, the instrument is payable on the next succeeding business day. Instruments falling due or becoming payable on Saturday 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.

See note to § 3082.

§ 3167. Determination of time. 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.

See note to § 3082.

§ 3168. Where payable at bank. 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. See note to § 3082.

§ 3169. Payment in due course. Payment is made in due course when it is made at or after the maturity of the instru

ment to the holder thereof in good faith and without notice that his title is defective.

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§ 3174.

$3175.

Effect where notice is given by party entitled thereto.
When agent may give notice.

$3176. § 3177.

§ 3178.

$ 3179.

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3180. 3181. § 3182.

§ 3183.

When notice sufficient.

Form of notice.

To whom notice may be given.
Notice where party is dead.
Notice to partners.

Notice to persons jointly liable.
Notice to bankrupt.

Time within which notice must be given.

$3184. Where parties reside in same place.

$3185. Where parties reside in different places.

$3186. When sender deemed to have given due notice.
$3187. Deposit in postoffice; what constitutes.

§ 3188. Notice to subsequent party.

§ 3189. Where notice must be sent.
§ 3190. Waiver of notice.

$3191. Whom affected by waiver.
$3192. Waiver of protest.

§ 3193. When notice is dispensed with.

$3194. Delay in giving notice; how excused.

$3195. When notice need not be given to drawer.

§ 3196. When notice need not be given to indorser.

$3197. Notice of nonpayment where acceptance refused.
$3198. Effect of omission to give notice of nonacceptance.

§ 3199. When protest need not be made; when must be made.

§ 3170. Notice of dishonor. Except as herein otherwise provided, when a negotiable instrument has been dishonored by nonacceptance or nonpayment, notice of dishonor must be given to the drawer and to each indorser, and any drawer or indorser to whom such notice is not given is discharged.

See note to § 3082.

§3171. By whom given. The notice may be given by or on behalf of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who upon taking it up would have a right to reimbursement from the party to whom the notice is given.

See note to § 3082.

§ 3172. Notice given by agent. Notice of dishonor may be riven by an agent either in his own name or in the name of

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