Rules as to presentment for payment
50 Rules as to presentment for payment
Subject to the provisions of this Act, a bill must be duly presented for payment. If it be not so presented, the drawer and indorsers shall be discharged.
A bill is duly presented for payment which is presented in accordance with the following rules:
Where the bill is not payable on demand, presentment must be made on the day it falls due.
Where the bill is payable on demand, then, subject to the provisions of this Act, presentment must be made within a reasonable time after its issue, in order to render the drawer liable, and within a reasonable time after its indorsement, in order to render the indorser liable.
In determining what is a reasonable time, regard shall be had to the nature of the bill, the usage of trade with regard to similar bills, and the facts of the particular case.
Presentment must be made by the holder or by some person authorized to receive payment on his or her behalf, at a reasonable hour on a business day, at the proper place as defined in this section, either to the person designated by the bill as payer, or to some person authorized to pay or refuse payment on his or her behalf, if with the exercise of reasonable diligence such person can there be found.
A bill is presented at the proper place:
where a place of payment is specified in the bill and the bill is there presented;
where no place of payment is specified, but the address of the drawee or acceptor is given in the bill, and the bill is there presented;
where no place of payment is specified and no address given, and the bill is presented at the drawee’s or acceptor’s place of business if known, and if not at his or her ordinary residence if known;
in any other case, if presented to the drawee or acceptor wherever he or she can be found, or if presented at his or her last known place of business or residence.
Where a bill is presented at the proper place, and after the exercise of reasonable diligence no person authorized to pay or refuse payment can be found there, no further presentment to the drawee or acceptor is required.
Where a bill is drawn upon or accepted by two or more persons who are not partners, and no place of payment is specified, presentment must be made to them all.
Where the drawee or acceptor of a bill is dead, and no place of payment is specified, presentment must be made to a personal representative, if such there be, and with the exercise of reasonable diligence he or she can be found.
Where authorized by agreement or usage, a presentment through the post office is sufficient.
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