PRESENTMENT FOR PAYMENT. It is of the utmost importance that a bill of exchange be presented for payment on the date it falls due. The following rules are laid down by the Bills of Exchange Act, 1882 : " Section 45. Subject to the provisions of this Act a bill must be duly presented for payment. 1 f 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 : ' (1) Where the bill is not payable on demand, presentment must be made on the day it falls due.
" (2) 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.
" (3) Presentment must be made by the holder or by some person authorised to receive payment on his behalf at a reasonable hour on a business day, at the proper place as hereinafter defined, either to the person designated by the bill as payer, or to some person authorised to pay or refuse payment on his behalf if with the exercise of reason able diligence such person can there be found.
" (4) A bill is presented at the proper place : " (a) Where a place of payment is specified in the bill and the bill is there presented.
" (b) 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.
" (c) Where no place of payment is specified and no address given, and the bill is pre sented at the drawee's or acceptor's place of business if known, and if not, at his ordinary residence if known.
" (d) In any other case if pre sented to the drawee or acceptor wherever he can be found, or if presented at his last known place of business or residence.
" (5) Where a bill is presented at the proper place, and after the exercise of reasonable diligence no person authorised to pay or refuse payment can be found there, no further presentment to the drawee or acceptor is required.
" (6) 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.
" (7) Where the drawee or acceptor of a bill is dead, and no place of pay ment is specified, presentment must be made to a personal representa tive, if such there be, and with the exercise of reasonable diligence he can be found.
" (8) Where authorised by agreement or usage a presentment through the post office is sufficient." It should be noted that a presentment through the post office (s.s. 8) is in order only where authorised by agreement or usage. If, therefore, a bill accepted at the X. & Bank, Leeds, is presented by post to that bank by a stranger, the bank would return it to the stranger with the answer that it must, according to custom, he presented through a banker.
Presentment to the acceptor of an accom modation bill must be made just as in the case of an ordinary bill.
It should be particularly noted that, if these rules are not properly attended to, the drawer and indorsers shall be discharged, both with respect to the bill and to the con sideration for which the bill was given. The bill itself should be presented, and if the acceptor has left the address shown on the bill, reasonable diligence must be used to find his new address and present it there. An acceptor is not discharged if the bill is not presented to him.
Section 52 provides : " (1) When a bill is accepted generally presentment for payment is not necessary in order to render the acceptor liable.
" (2) When by the terms of a qualified acceptance presentment for pay ment is required, the acceptor, in the absence of an express stipula tion to that effect, is not discharged by the omission to present the bill for payment on the day that it matures.