When a bill is addressed to two or more drawees, who are not partners, presentment must be made to them all, unless one has authority to accept for all, by some person authorized to receive payment on his behalf, at the proper place, and either to the person designated by the bill as payer, or to his representa tive or some person authorized to pay to refuse payment on his behalf. Delay in making present ment for payment is excused when caused by circum stances beyond the control of the holder, and not im putable to his Misconduct or negligence. But when the delay ceases to operate, presentment must be made with reasonable diligence. Thus, when a note was lying at a branch bank where it was payable, and the new agent was not aware of the fact until noon of the day after maturity, when he had it pro tested and notice given, it was held this was sufficient to bind the indorser.
Presentment for payment is dispensed with when, after the exercise of reasonable diligence, the present ment cannot be effected, or when the drawee is a fic titious person (in which case the instrument may be treated as a promissory note). It is also dispensed with as regards the drawer, when the drawee or ac ceptor is not bound, as between himself and the drawer, to accept or pay the bill, and the drawer has no reason to believe that it will be paid if presented; or as regards an indorser, when the bill was ac cepted or made for the accommodation of that in dorser, and he has no reason to expect that the bill would be paid if presented. Presentment may also be waived, expressly or impliedly. It is not dispensed with merely because the holder has reason to believe the bill will not be paid when presented. If the ac ceptor is dead, the bill may be presented to his execu tor or representatives.
If payment is made, the bill or note, as the case may be, is delivered. If payment is refused, the drawer and indorsers are notified that the payment has not been made, and are protested when neces sary. Presentment for payment is necessary in order to hold the indorser of a note liable; and the rules as to presentment, with the exception of course of those relating to presentment for acceptance, apply, in so far as they may, to notes as well as to bills.
4. Time and place of presentment for A bill or note is duly presented for payment if, when not payable on demand, it is presented on the day it falls due. The day on which it falls due is the third day of grace, unless that be a non-business day. It would in that case fall due on the next business day. A demand bill must be presented for payment within a reasonable time after its, issue to render the drawer liable, and within a reasonable time after its indorse ment to render the indorser liable. Checks and de mand notes must be presented for payment within a reasonable time after issue.
Presentment is to be made at the place specified in the bill or acceptance. Hence, when a bill was pay able at the office of the acceptor at Swansea, and was presented to him personally at Newport, it was held that an indorser was not liable.' If no place of pay
ment is specified and no address is given, it must be presented at tie drawee's or acceptor's place of busi= ness, if known, and, if not, at his ordinary residence, if known; in other cases, at the last known place of business or residence. If the instrument is at the bank or other place of payment at maturity, present ment is complete.
5. Presentment waived and dispensed When a bill is presented at the proper place, and after the exercise of reasonable diligence no person authorized to pay or refuse payment can there be found, no further presentment to the drawee or ac ceptor is required. The drawee or acceptor is sup posed to arrange for payment, and either to be on band himself, or to have someone at the place of pay ment to represent him. If not, or if the place of payment, his office for instance, is closed during rea sonable hours, no further presentment is necessary. If the place of payment is specified as a city, town or village, where there are many banks or none at all, and no place of payment therein is specified, the bill or note may be presented at the debtor's Imown place of business or known ordinary residence, or, in lieu thereof, at the post office or principal post office. 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 de fault, misconduct or negligence. But so soon as the cause of the delay ceases to operate, presentment must be made with reasonable diligence. Presentment may be waived by the endorser writing after his name, "Protest waived," "Presentment waived." 6. Payment for a bill has been pro tested for non-payment, any person may intervene and pay it supra protest for the honor of any party liable thereon, or for the honor of the person for whose account the bill is drawn. Upon paying the amount of the instrument and the notarial expenses incidental to its dishonor, he is entitled to receive the instrument and the protest. In order that a payment for honor supra protest shall operate as such, and not as a mere voluntary payment, what is called a no tarial act of honor must be made and be attached to the protest or form an extension of it. It is based upon a declaration of the person who pays, declaring his intention to pay for honor, and for whose honor he pays, and is in the following form: When a bill has been paid for honor, and the for malities just mentioned have been observed, all par ties subsequent to the party for whose honor it is paid are discharged, but the payer for honor is subrogated in, and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays, and all parties liable to that party. So it has been held that if the holder is a holder in due course, or if any party subsequent to the party for whose honor the bill has been paid was a holder in due course, the payer for honor acquires their rights in this respect. Ile must, as one of his duties, give notice of dishonor.