Presentment

contracts, is the production of a bill of exchange or promissory note to the party on whom the former is drawn, for his acceptance, or to the person bound to pay either, for payment. The holder of a bill is bound, in order to hold the parties to it responsible to him, to present it in due time for acceptance, and to give notice, if it be dishonoured, to all the parties he intends to hold Jiable. And when a bill or note becomes payable, it must be presented for payment. The principal circumstances concerning presentment, are the person to whom, the place where, and the time when it is to be made.

1.

In general the presentment for payment should be made to the maker of a note, or the drawee of a bill for acceptance, or to the acceptor, for payment; but a presentment made at a particular place, when payable there, is in general sufficient. A personal demand on the drawee or acceptor is not necessary; a demand at his usual place of residence of his wife or other agent is sufficient, 2 Esp. Cas. 509; 5 Esp. Cas. 265; Holt’s N. P. Cas. 313.—2. When a bill or note is made payable at a particular place, be made there; but when the acceptance is general, it must be presented at the house or place of business of the acceptor.

3 Kent, Com. 64,65.— 3.

In treating of the time for presentment, it must be considered with reference, Ist, to a presentment for acceptance; 2dly, to one for payment. Ist. When the bill is payable at sight, or after sight, the presentment must be made in reasonable time; and what this reasonable time is depends upon the circumstances of cach case.

7 Taunt. 397; 1 Dall. 255; 2 Dall. 192; Ibid. 232; 4 Dall. 165; Ibid. 129; 1 Yeates, 531; 7 Serg. & Rawle, 324; 1 Yeates, 147.

2dly, The presentment of a note or bill for payment ought to be made on the day it becomes due, and notice of non-payment given, otherwise the holder will lose the security of the drawer and endorsers of a bill and the endorsers of a promissory note, and in case the note or bill be payable at a particular place and the money lodged there for its payment, the holder would probably have no recourse against the maker or acceptor, if he did not present them on the day, and the money should be lost.

5 Barn. & Ald. 244. Vide 5 Com. Dig. 134; 2 John. Cas. 75; 3 John. R. 230; 2 Caines’s Rep. 343; 18 John. R. 230; 2 John. R. 146, 168, 176; 2 Wheat. 373; Chit. on Bills, Index, h. t.; Smith on Mer. Law, 138; Byles on Bills, 102.