Presentment for acceptance
A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, if he can, after reasonable search, be found, by a person entitled to demand acceptance, within a reasonable time after it is drawn, and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default. If the drawee cannot, after reasonable search, be found, the bill is dishonored.
If the bill is directed to drawee at a particular place, it must be presented at that place, and if at the due- date for presentment he cannot, after reasonable search, be found thereon, the bill is dishonored.
Presentment of promissory note for sight
A promissory note, payable at a certain period after sight, must be presented to the maker thereof for sight (if he can after reasonable search be found) by a person entitled to demand payment, within a reasonable time after it is made and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default.
Presentment for payment
Promissory notes, bill of exchange and cheques must be presented for payment to the maker, acceptor or drawee thereof respectively, by or on behalf of the holder as hereinafter provided. In default of such presentment, the other parties thereto are not liable thereon to such holder.
20[Where authorized by agreement or usage, a presentment through the post office by means of a registered letter is sufficient.]
Hours for presentment
Presentment for payment must be made during the usual hours of business and, if at a banker's, within banking hours.
Presentment for payment of instrument payable after date or sight
A promissory note or bill of exchange, made payable at a specified period after date or sight thereof, must be presented for payment at maturity.
Presentment for payment of promissory note payable by installments
A promissory note payable by installments must be presented for payment on the third day after the date fixed for payment of each installment; and non-payment on such presentment has the same effect as non-payment of a note at maturity.Lawyers in India Know more about this.
Presentment for payment of instrument payable at specified place and not elsewhere
A promissory note, bill of exchange or cheque made, drawn or accepted payable at a specified place and not elsewhere must, in order to charge any party thereto, be presented for payment at that place.
Presentment where no exclusive place specified
A promissory note or bill of exchange, not made payable as mentioned in sections 68 and 69, must be presented for payment at the place of business(if any) or at the usual residence, of the maker, drawee or acceptor thereof, as the case may be.
Presentment when maker, etc., has no known place of business or residence
If the maker, drawee, or acceptor of a negotiable instrument has no known place of business or fixed residence, and no place is specified in the instrument for presentment for acceptance or payment, such presentment may be made to him in person wherever he can be found.
Presentment of cheque to charge drawer
20[Subject to the provisions of section 84] a cheque must, in order to charge the drawer, be presented at the bank on which it is drawn before the relation between the drawer and his banker has been altered to the prejudice of the drawer.
When presentment unnecessary
No presentment for payment is necessary, and the instrument is dishonored at the due date for presentment, in any of the following cases:
(a) if the maker, drawee or acceptor intentionally prevents the presentment of the instrument, or
If the instrument being payable at his place of business, he closes such place on a business day during the usual business hours, or
If the instrument being payable at some other specified place, neither he nor any person authorized to pay it attends at such place during the usual business hours, or If the instrument not being payable at any specified place, he cannot after due search be found;
(b) as against any party sought to be charged therewith, if he has engaged to pay notwithstanding non-presentment;
(c) as against any party if, after maturity, with knowledge that the instrument has not been presented-
he makes a part payment on account of the amount due on the instrument, or promises to pay the amount due therein whole or in part, or otherwise waives his right to take advantage of any default in presentment for payment;
(d) as against the drawer, if the drawer could not suffer damage from the want of such presentment.
Note:- We try our level best to avoid any kind of abusive content posted by users. Kindly report to us if you notice any, [email protected]