Delay in presentment is excused when caused by circumstances beyond the holder's control, and not imputable to his default, misconduct or negligence; when the cause of delay ceases to operate, presentment must be made with reasonable diligence.
If the day of maturity falls on Sunday, or a holiday, the instrument is payable on the next succeeding business day; so as to Saturday, except that instruments payable on demand may, at the bolder's option, be presented before twelve o'clock on Saturday, when that entire day is not a holiday.
Time is computed by excluding the day from which the time is to begin to run and including the date of payment.
An instrument payable at a bank is equiv alent to an order to the bank to pay it and charge the principal debtor's account.
Presentment of a bill for acceptance must be made where the bill is payable after sight, or in any other case, where such presentment is necessary in order to fix the maturity ; or where the bill expressly stipulates that it shall be presented for acceptance ; or where it is drawn elsewhere than at the residence or place of business of the drawee. A bill must be presented or negotiated within a reasonable time; if not, the drawer and endorsers are discharged. if the drawee is dead, presentment must be made to his per sonal representative, or if he has been ad judged a bankrupt or insolvent, or has made an assignment for creditors, then to him or to his trustee or assignee. A bill may be
presented for acceptance on any day on which negotiable instruments (see supra) may be presented for payment, and on Sat urday before twelve o'clock, if not otherwise a holiday. Where the holder of a bill pay able elsewhere than at the place of business or residence of the drawee has not time, with the exercise -of reasonable diligence, to i present it for acceptance before presenting it for payment on the day it falls due, the de lay is excused. It is also excused, and a bill may be treated as dishonored by nonaccept ance, where the drawee is dead, or has ab sconded, or is a fictitious person, or a person not having capacity to contract by bill, or where, after reasonable diligence, present ment cannot be made, or where, although presentment has been irregular, acceptance has been refused on other grounds. If a bill is dishonored by nonacceptance, no pre sentiment for payment is necessary.
Sight drafts are allowed three days of grace in Massachusetts, North Carolina and Rhode Island.
See 13 L. R. A. (N. S.) 303, note; PAY MENT.