this title, unless he discloses the name of his principal and the fact that he is acting only as agent.

Article F-Presentment for Payment

§ 4401. Failure to present for payment; effect

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.

§ 4402. Instruments payable on demand and not payable on demand

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.

§ 4403. Sufficiency of 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.

§ 4404. 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.

§ 4405. Exhibition of instrument

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.

§ 4406. Instrument payable at bank

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.

§ 4407. 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.

§ 4408. 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.

§ 4409. Joint debtors

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.

§ 4410. 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.

§ 4411. When not required to charge indorser

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.

§ 4412. Excuse for delay

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.

§ 4413. When dispensed with

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. § 4414. Instrument 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.

84415. Liability of person secondarily liable

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

84416. Time of maturity

A 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 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.

84417. Computation 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.

§ 4418. Instrument 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.

§ 4419. Payment in due course defined

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.

Article G-Notice of Dishonor

§ 4421. Parties to whom notice of dishonor given

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.

§ 4422. Parties who may give

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.

§ 4423. Notice by agent

Notice of dishonor may be given by an agent either in his own name or in the name of any party entitled to give notice, whether that party be his principal or not.

8 4424. Effect of notice on behalf of holder

Where notice is given by or on behalf of the holder, it inures for the benefit of all subsequent holders and all prior parties who have a right of recourse against the party to whom it is given.

8 4425. Effect of notice on behalf of party entitled to give notice Where notice is given by or on behalf of a party entitled to give notice, it inures for the benefit of the holder and all parties subsequent to the party to whom notice is given.

§ 4426. Notice by agent; authority; procedure

he

Where the instrument has been dishonored in the hands of an agent, may either himself give notice to the parties liable thereon or he may give notice to his principal. If he gives notice to his principal, he must do so within the same time as if he were the holder, and the principal upon the receipt of such notice has himself the same time for giving notice as if the agent had been an independent holder. § 4427. Sufficiency of notice

A written notice need not be signed, and an insufficient written notice may be supplemented and validated by verbal communication. A misdescription of the instrument does not vitiate the notice unless the party to whom the notice is given is in fact misled thereby.

§ 4428. Form of notice

The notice may be in writing or merely oral and may be given in any terms which sufficiently identify the instrument, and indicate that it has been dishonored by nonacceptance or nonpayment. It may in all cases be given by delivering it personally or through the mails.

84429. Notice to party or agent

Notice of dishonor may be given either to the party himself or to his agent in that behalf.

8 4430. Notice to deceased party

When any party is dead, and his death is known to the party giving notice, the notice must be given to a personal representative, if there be one, and if with reasonable diligence he can be found. If there be no personal representative, notice may be sent to the last residence or last place of business of the deceased.

§ 4431. Notice to partners

Where the parties to be notified are partners, notice to any one partner is notice to the firm, even though there has been a dissolution. 8 4432. Notice to persons jointly liable

Notice to joint parties who are not partners must be given to each of them, unless one of them has authority to receive such notice for the others.

84433. Notice to bankrupt

Where a party has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, notice may be given either to the party himself or to his trustee or assignee.

84434. Time within which notice must be given

Notice may be given as soon as the instrument is dishonored; and unless delay is excused as hereinafter provided, must be given within the times fixed by this chapter.

§ 4435. Time where parties reside in same place

Where the person giving and the person to receive notice reside in the same place, notice must be given within the following times: (1) if given at the place of business of the person to receive notice, it must be given before the close of business hours on the day following;

(2) if given at his residence, it must be given before the usual hours of rest on the day following;

(3) if sent by mail, it must be deposited in the post office in time to reach him in usual course on the day following.

4436. Time where parties reside in different places Where the person giving and the person to receive notice reside in different places, the notice must be given within the following times:

(1) if sent by mail, it must be deposited in the post office in time to go by mail the day following the day of dishonor, or if there be no mail at a convenient hour on that day, by the next mail thereafter:

(2) if given otherwise than through the post office, then within the time that notice would have been received in due course of mail, if it had been deposited in the post office within the time specified in the last subdivision.

84437. Due notice; miscarriage in mails

Where notice of dishonor is duly addressed and deposited in the post office, the sender is deemed to have given due notice, notwithstanding any miscarriage in the mails.

§ 4438. Deposit in post office defined

Notice is deemed to have been deposited in the post office when deposited in any branch post office or in any letter box under the controi of the Postal Service.

84439. Notice to antecedent party; time

Where a party receives notice of dishonor, he has, after the receipt of such notice, the same time for giving notice to antecedent parties that the holder has after the dishonor.

§ 4440. Place where notice must be sent

Where a party has added an address to his signature, notice of dishonor must be sent to that address; but if he has not given such address, then the notice must be sent as follows:

(1) either to the post office nearest to his place of residence, or to the post office where he is accustomed to receive his letters; or (2) if he lives in one place, and has his place of business in another, notice may be sent to either place; or

(3) if he is sojourning in another place, notice may be sent to the place where he is sojourning.

But where the notice is actually received by the party within the time specified in this chapter, it will be sufficient, though not sent in accordance with the requirements of this section.

§ 4441. Waiver of notice

Notice of dishonor may be waived, either before the time of giving notice has arrived, or after the omission to give due notice, and the waiver may be express or implied.

§ 4442. Waiver of notice; persons affected by waiver

Where the waiver is embodied in the instrument itself, it is binding upon all parties; but where it is written above the signature of an indorser, it binds him only.

§ 4443. Waiver of protest

A waiver of protest, whether in the case of a foreign bill of exchange or other negotiable instrument, is deemed to be a waiver not only of formal protest, but also of presentment and notice of dishonor. § 4444. Dispensing with notice

Notice of dishonor is dispensed with when, after the exercise of reasonable diligence, it can not be given to or does not reach the parties sought to be charged.

§ 4445. Delay; excuse

Delay in giving notice of dishonor 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, notice must be given with reasonable diligence.

§ 4446. Notice to drawer; when dispensed with

Notice of dishonor is not required to be given to the drawer in either of the following cases:

(1) where the drawer and drawee are the same person;

(2) when the drawee is a fictitious person or a person not having capacity to contract;

(3) when the drawer is the person to whom the instrument is presented for payment;

(4) where the drawer has no right to expect or require that the drawee or acceptor will honor the instrument;

(5) where the drawer has countermanded payment.

§ 4447. Notice to indorser; when dispensed with

Notice of dishonor is not required to be given to an indorser in either of the following cases: