PRESENTMENT FOR PAYMENT CONSIDERED. The rules already considered apply both to presentment for acceptance and pre sentment for payment, but it is thought best to give a few principles applicable to presentment for pay ment at this time.
When a bill of exchange has been dishonored by non-acceptance the holder has the option to present for payment or not, except when accepted supra protest. (Read v. Adams, 6 Serg. & R., 356.) In other cases due presentment of a bill of exchange to the drawee for payment is necessary to bind the drawer and indorsers. By due presentment is meant such a presentment as regards time, place, and other circumstances as has been discussed in this chapter. The holder must demand payment according to the tenor of the bill. When payable at a determinable time it should be presented upon that day subject to grace and usance of trade; and when payable on demand it must be presented within a reasonable time. (Byles, p. 211.) When a bill is made pay able at a particular place by the drawer of a draft or by the acceptor in a general acceptance, present ment for payment must be made at that place. The person who presents the bill should produce it and be ready and willing to surrender it on receiving payment. In case the bill is lost presentment of a copy with a bond of indemnity would be valid. (Lane v. Bank 9 Heisk., 419.) And a protest may be made on a copy of the lost instrument. (Brooks's Notary, 4th ed., pp. 137, 217.) A bill is said to be dishonored by non-payment, when it is duly presented for payment and payment refused or cannot be obtained; or when present ment for payment is excused, and the bill is overdue and unpaid. The holder of a bill dishonored by non-payment, by taking steps to protest the bill acquires right of recourse against all antecedent parties to the bill.
When a bill is payable generally or at a particular place no presentment is necessary to charge the acceptor, as it is his duty to be on hand to pay or seek out his creditor to pay him. (Dougherty v. Bank, 13 Ga., 288.)