When Presentment to be Made.

510. [Sec. 71.] 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.

Leroy vs. Wilkinson, 135 La. 64 S. 1003; see Act 93, 1912, p. 100. Requisites of Presentment.

511.

[Sec. 72.] 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.

Place of Presentment.

512. [Sec. 73.] Presentment for payment is made at the proper place:

1. Where the 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.

Instrument Must be Exhibited.

513.

[Sec. 74.]

[Sec. 74.] 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.

When Payable at a Bank.

514. [Sec. 75.] 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.

Presentment When Party Dead.

515. [Sec. 76.] 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.

Presentment in Case of Partners.

516. [Sec. 77.] 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.

Presentment When Parties Not Partners.

517. [Sec. 78.] 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.

Presentment Not Necessary to Hold Drawer When.

518. [Sec. 79.] 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.

Presentment Not Necessary to Hold Indorser When.

519. [Sec. 80.] 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.

Delay in Presentment.

520. [Sec. 81.] 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 or negligence. When the cause of delay ceases to operate, presentment must be made with reasonable diligence.

When Presentment Dispensed With.

with:

521. [Sec. 82.] Presentment for payment is dispensed

1. Where, after the exercise of reasonable diligence, presentment, as required by this act, can not be made;

2. Where the drawee is a fictitious person;

3. By waiver of presentment, express or implied.

Dishonor by Non-payment.

522. [Sec. 83.] The instrument is dishonored by nonpayment when:

1. It is presented for payment and payment is refused or can not be obtained; or,

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

523.

[Sec. 84.] Subject to the provisions of this act, when the instrument is dishonored by non-payment, an immediate right of recourse to all parties secondarily liable thereon accrues to the holder.

Maturity.

524. [Sec. 85.] 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 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. Leroy vs. Wilkinson, 135 La. 64 S. 1003; see No. 434 (Act 93, 1912,

p. 100).

Computing Time.

525. [Sec. 86.] 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.

Payable at a Bank.

526. [Sec. 87.] 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.

Payment in Due Course.

527. [Sec. 88.] Payment is made in due course when i 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 VII.

NOTICE OF DISHONOR.

Insolvency When.

528. [Sec. 89.] Except as herein otherwise provided, when a negotiable instrument has been dishonored by non-acceptance or non-payment, 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.

Wisdom vs. Bille, 120 La. 700; Ins. Co. vs. Coons, 36 A. 671.

Who May Give Notice.

529. [Sec. 90.] 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.

Notice by Agent.

530. [Sec. 91.] 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.

Notice by Holder.

531.

[Sec. 92.] 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.

To Whose Benefit Notice Enures.

532. [Sec. 93.] Where notice is given by or on behalf of a party entitled to give notice, it enures for the benefit of the holder and all parties subsequent to the party to whom notice is given.

Notice by Agent.

533. [Sec. 94.] Where the instrument has been dishonored in the hands of an agent, he may either himself give notice to the parties liable thereon, or he may give notice to his principal. If he give 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.

Written Notice.

534. [Sec. 95.] 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.

Oral Notice.

535. [Sec. 96.] 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 non-payment. It may in all cases be given by delivering it personally or through the mails.

Notice may be oral, Ins. Co. vs. Coons, 36 A. 271; De Buys vs. Farmer, 22 A. 479; Follain vs. Dupre, 11 R. 154.

To Whom Notice May be Given.

536. [Sec. 97.] Notice of dishonor may be given either to the party himself or to his agent in that behalf.

Notice When Party Dead.

537. [Sec. 98.] 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 reasonabie 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.

Notice to Partner is Notice to Firm.

538. [Sec. 99.]

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.

Notice to Joint Parties.

539. [Sec. 100.] 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.

Notice to Bankrupt.

540. [Sec. 101.] 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.