The presentment for payment of a pro missory note is dealt with by Sections 86 and 87 as follows :— " 86. (1) Where a note payable on de mand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it be not so presented the indorser is discharged.
" (2) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.
" (3) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.
" 87. (1 Where a promissory note is in the body of it made payable at a particular place, it must be pre sented for payment at that place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable.
" (2) Presentment for payment is neces sary in order to render the indorser of a note liable.
" (3) Where a note is in the body of it made payable at a particular place, presentment at that place is neces sary in order to render an indorser liable ; but when a place of pay ment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a present ment to the maker elsewhere, if sufficient in other respects, shall also suffice." A country bank note should be pre sented for payment, or put into circulation, not later than the day following the date on which it was received, otherwise, if the note is dishonoured, the holder may lose his right of action against the person from whom he took the note in payment of a debt. (See COUNTRY BANK NOTES.) The presentment of a bill or cheque through a Clearing House has the same effect as presenting it direct to the banker on whom th2 cheque is drawn or where the bill is payable. (See BILL OF EXCHANGE.)