Report No. 11
73. Rules governing presentment for payment.-
(1) An instrument required to be presented for payment must be presented in the manner hereinafter provided.
(2) Presentment must be made by the holder or by some person authorised to receive payment on his behalf
[Section 64, para. 1, part]
(3) Presentment must be made, in the case of a note, to the maker, in the case of a bill to the acceptor and in the case of a cheque to the drawee, or to the representative of the maker, acceptor or drawee.
Explanation.-Where there are several persons, not being partners, liable on the instrument, as makers, acceptors or drawees, as the case may be, and no place of payment is specified, presentment must be made to them all.1
[Section 64, para. 1, part]]
(4) Presentment must be made at the proper time, as provided below:-
(i) a note or bill not payable on demand must be presented....at maturity;
(ii) subject to the provisions of this Act, an instrument payable on demand must be presented....within a reasonable time after it is received by the holder;
(iii) a note payable by instalments must be presented, on the third day after the date fixed for payment of each instalment
[Section 67, earlier part]
(iv) subject to the provisions of section 155, a cheque must, in order to charge the drawer, be presented before the relationship between the drawer and his banker has been altered to the prejudice of the drawer;
(v) a cheque must, in order to charge any person except the drawer, be presented within a reasonable time after delivery thereof by such person.
(5) Presentment must be made during the usual hours of business, and, if at a banker's, within banking hours.
(6) Presentment must be made at the proper place as provided below:-
(i) where a place of payment is specified in the instrument, it must be presented at that place;
[Sections 68-69, modified]
(ii) where no place of payment is specified, but the address of the maker, acceptor or drawee is given in the instrument, it must be presented at such address;
(iii) where no place of payment is specified and no address given, the instrument must be presented at the place of business (if known) or the ordinary residence (if known), of the maker, acceptor or drawee;
(iv) in any other case, the presentment may be made to the maker, acceptor or drawee in person wherever he can be found.2
1. See section 78 NIL and section 45(6), BEA.
2. See section 45(4), BEA.
(Section 71, part]
Explanation.-In this sub-section, "specified place" means a place described with particulars sufficient to enable the person presenting the instrument to identify the place where the person sought to be charged with liability can be found.
(7) Delay in presentment is excused if the delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconduct or negligence. When the cause of delay ceases to operate, presentment must be made within a reasonable time.
[Section 75A, part]