" (3) In order to render the acceptor of a bill liable it is not necessary to protest it, or that notice of dis honour should be given to him.
" (4) Where the holder of a bill presents it for payment, he shall exhibit the bill to the person from whom he demands payment, and when a bill is paid the holder shall forthwith deliver it up to the party paying it." Though non-presentment, or delay in presentment, of a bill releases the drawer and indorsers, there are certain cases where the Bills of Exchange Act excuses delay, or non-presentment. They are given in Section 46 :— " (1) 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, mis conduct, or negligence. When the cause of delay ceases to operate presentment must be made with reasonable diligence.
" (2) Presentment for payment is dis pensed with : " (a) Where after the exercise of reasonable diligence, pre sentment, as required by this Act, cannot be effected. The fact that the holder has reason to believe that the bill will, on presentment, be dishonoured, does not dispense with the necessity for presentment.
" (b) Where the drawee is a fictitious person.
" (c) As regards the drawer, where the drawee or acceptor is not bound, as between him self and the drawer, to accept or pay the bill, and the drawer has no reason to believe that the bill would be paid if presented.
" (d) As regards an indorser, where the bill was accepted or made for the accommoda tion of that indorser, and he has no reason to expect that the bill would be paid if presented.
" (e) By waiver of presentment, express or implied." A bill on demand must be presented within a reasonable time in order to preserve the drawer's liability ; but in the case of a cheque, the drawer is not, as a rule, dis charged for six years. (See below, Section 74.) In the case of a bill after date, it is neces sary, in order to prevent the discharge of the other parties, that the bill be presented to the acceptor, at the place \ \there payable, even if he said before the bill was due that he would not pay it at maturity, or if he called at the bank on the due date and said he could not pay it. If it is accepted payable at a bank, and the acceptor says he has nothing in his account to meet the bill, it is still necessary formally to present the bill at the bank indicated. It must be presented
within the usual business hours.
Presentment before the actual due date does not preserve recourse against the other parties.
Where a separate guarantee has been given by anyone on behalf of the drawer or an indorser, the guarantor is discharged by such delay or non-presentment as would discharge the drawer or indorser, but the liability of a guarantor for an acceptor continues in the same way as an acceptor's liability.
It has been decided that where a bill is held by a banker which is accepted at that banker's, he need not present it to the acceptor but merely refer to his own books containing the acceptor's account to ascertain whether, or not, it may be paid.
If a bill is drawn payable in one place, and accepted payable in another, it should be presented at the place where accepted payable.
If an acceptor does not pay a bill when it is presented to him a notice may be left at his address informing him that the bill lies at the bank, and that it requires his attention before closing time.
Lord Tenterden, in It'ilkins v. Jadis (1831, 2 B. & Ad. 188), said : " A presentment to bankers out of the hours of their business is not sufficient ; but in other cases the rule of law is that the bill must be presented at a reasonable hour ; a presentment at twelve o'clock at night, when a person has retired to rest, would be unreasonable ; but I can not say that a presentment between seven and eight in the evening is not a presentment at a reasonable time." A bill of itself does not operate as an assignment of funds in the hands of the drawee, but in Scotland where the drawee of a bill has in his hands funds available for the payment thereof, the bill operates as an assignment of the sum for which it is drawn in favour of the holder, from the time when the bill is presented to the drawee. (Section 53.) With respect to presentment to an acceptor for honour, the Bills of Exchange Act provides : " Section 67. (1) Where a dishonoured bill has been accepted for honour supra protest, or contains a refer ence is case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honour, or referee in ease of need.