PRESENTATION FOR PAYMENT OF NEGOTIABLE INSTRUMENTS
Sec. 70. Effect of want of demand on principal debtor. - Presentment for payment is not necessary in order to charge the person primarily liable on the instrument; but if the instrument is, by its terms, payable at a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of payment upon his part. But except as herein otherwise provided, presentment for payment is necessary in order to charge the drawer and indorsers.
MEANING OF PRESENTMENT FOR PAYMENT• Production of a bill of exchange to the drawee for his acceptance, or to the drawee or acceptor for payment or the production of the promissory note to the person liable for payment of the same
1. Personal demand for payment at the proper place
2. With the bill or note in readiness to exhibit it as required and to receive payment and surrender it if the debtor is willing to pay
PRESENTMENT FOR PAYMENT NOT NECESSARY TO CHARGE PERSONS PRIMARILY LIABLE• It cannot be validly claimed that it is presentment of the bill which is the operative act that makes the acceptor liable under his acceptance
PAYABLE AT A SPECIAL PLACE• If the bill is payable at the PNB, is it necessary to make presentment for payment to X in order to charge him? No, the rule is the same. The only effect is that if, X is able and willing to pay the bill at the PNB at maturity, it is equivalent to a tender of payment on the part of drawee X.
PRESENTMENT NECESSARY TO CHARGE PERSONS SECONDARILY LIABLE
NECESSARY STEPS TO CHARGE PERSONS SECONDARILY LIABLE IN BILLS OF EXCHANGE
1. In the three steps required by law, presentment for acceptance to the drawee or negotiation within reasonable time after acquisition unless excused
2. If the bill is dishonored by non-acceptance, notice of dishonor by non-acceptance must be given to persons secondarily liable unless excused and in case of foreign bills, protest for dishonor by non-acceptance must be made unless excused
3. But if the bill is accepted, or if the bill isn’t required to be presented for acceptance, it must be presented for payment to the persons primarily liable unless excused
4. If the bill is dishonored by non-payment, notice of dishonor by non-payment must be also be given to person secondarily liable unless excused, and in case of foreign bills, protest for dishonor by non-pay7ment must be made unless excused
NECESSARY STEPS TO CHARGE PERSONS SECONDARILY LIABLE
• Presentment for payment must be made within the period required to the person primarily liable unless excused
• If the note is dishonored by non-payment, notice of dishonor by non-payment must be given to the person secondarily liable unless excused