The placement of an instrument for its payment is known as Presentment for payment. Such a presentment must be made:
(1) To the maker.
(2) To the drawee or acceptor
Time of Presentment for Payment:
(1) It should be made during the usual hours of business.
ADVERTISEMENTS:
(2) A bill made payable at a specific period after date or sight must be presented for payment only at maturity.
(3) An instrument payable on demand must be presented for payment within a reasonable time.
(4) An instrument payable by installment must be presented on third day after the date of payment of each instalment.
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Place of Presentment for Payment:
(1) If place is specified, the presentment is to be made at that specified place.
(2) If place is not specified then:-
(a) At the place of business; or
(b) If there is no place of business at the residence.
ADVERTISEMENTS:
(3) If no place is specified, and no fixed place of business or residence exists then the presentment may be made wherever found.
Presentment for payment when excused
1. Where the maker, drawee or acceptor intentionally prevents the presentment of the instrument.
2. Where the instrument is payable at his place of business and the place is closed during the usual business hours on the due date.
3. Where though the place is open but there is no person to make the payment.
4. Where he has promised to pay not withstanding non-presentment.
5. Where the presentment is expressly or impliedly waived by the party entitled to presentment. For example, if he makes a part payment of the amount due to the instrument or promises to pay the amount thereon in whole or in part.
6. as against the drawer, where he could not have suffered any damage by non-presentment.
7. Where the drawee is a fictitious person or one incompetent to contract, e.g., minor.
8. Where drawer and the drawee are the same person, e.g., in the case of a promissory note or an accommodation bill.
9. Where the bill is dishonoured by non-acceptance.
10. Where presentment has become impossible.