In the case of notes or bills payable on demand, a presentment for payment should be made within a reasonable time. In Massachusetts, a presentment of a note payable on demand at the expiration of sixty days from the date thereof, without grace, is deemed to have been made within a reasonable time. (Laws 1839, c. 121.)

Where a note is made payable "at either of the banks," in a large city, where there is a large number of banks, the holder may present it at any one of the banks which he may select, and it will be a sufficient presentment. It would seem, however, in such case, that the holder ought to give notice to the promisee, where his note is. (13 Pick. 469.)

Where a note is made payable at a particular place, as at a certain bank, it is sufficient for the holder to present it at the specified place, and if dishonored there, the indorsers will be liable upon due notice.

Where no particular place of payment is specified on the note, the presentment ought to be made to the maker personally, or at his dwelling-house, or place of business.

. A presentment, in such case, at the maker's place of business is sufficient, if made in business hours, even if it be shut, and no person left there to answer inquiries. So a presentment at the residence of the drawee or maker is sufficient, even if he be out of town at the time.

But if the maker removes his residence, or place of business, between the time the note was made and when it becomes due, the demand must be made at such new place of business or residence, if within the same State with the old, provided it be known, or can by due diligence be found.

Where, however, the maker abandons his business and residence, and removes into another State, before the maturity of the note, the holder is not bound, in order to charge the indorser, to demand payment of the maker in the State to which he has removed; but he is bound to demand payment at the maker's last residence or place of business, within the State where he made the note, if he can find it by the use of due diligence. (6 Met., 290.)

WHAT WILL EXCUSE NON-PRESENTMENT.

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Where a note is dated, and delivered in one State, and the maker actually resides in another, it would seem to be sufficient for the holder to demand payment at the place where it is dated, if he cannot find the maker, upon reasonable inquiry, within the State, and he has no known place of business there.

If the holder of a note makes diligent, though unsuccessful inquiries, to ascertain the maker's residence, at the time the note falls due, it is sufficient, and will be as effectual as an actual presentment.

The absence of the maker of a note on a voyage at sea, if his family still reside in the State, will not excuse a demand of payment, because it may happen that he has left with his family means to pay the note.

It is sufficient to constitute a demand and refusal to pay a note, that the maker, on the day it becomes due, calls on the holder at his store, where the note is, and informs him that he cannot and shall not pay it, and desires him to give notice to the indorser, though the note is not produced.

But where a note, made payable at a bank, is not at the bank when it falls due, and no demand is then made on the maker, the indorsee cannot charge the indorser, by giving him seasonable notice of non-payment, although the maker had previously told the indorsee that it would be useless to send the note to the bank, because he could not pay it.

The holder must have the note in his possession, ready to be delivered up, when the presentment for payment is made.

What will excuse the non-presentment of a bill or note. We have seen that where the holder uses due diligence to ascertain the residence of drawee or maker, and is unsuccessful, it is as effectual as an actual presentment.

So where a note is made for the accommodation of a particular indorser, the non-presentment of the note to the maker for payment, will not discharge such indorser from liability, as he is in fact the real party owing on the note; but as regards all other indorsers to the note, due presentment must be made,

So an indorser may waive his right to have the note presented at its maturity, and in case of non-payment, to have proper notice of the fact. The usual words, where an indorser waives his right in this respect, are "waiving demand and notice." But an agreement to waive notice, will not excuse the party from making a due presentment for payment; and care should always be taken in such cases, to use language that clearly imports a waiver of these rights, as courts construe such language strictly. Of course, the fact that one indorser has waived his right to demand and notice, does not affect the rights of the other indorsers.

It is not necessary that the waiver should be in writing, and if it clearly appears from all the circumstances that the indorser intended to waive notice, or demand, or both, he will not be entitled to them. Thus, where the indorsee, who lived in New York, observed to the indorser, when he received the note, that he had no, confidence in the other parties to the note, and did not know them, and should look wholly to him, and the indorser replied, that he should be in New York when the note became due, and would take it up, if it were not paid by any other party to it; it was held that this was a waiver of a right to notice of the dishonor of the

note.

When the maker of a promissory note has assigned all his property to the indorser for his security against the indorsements, the indorser is considered as waiving a demand on the maker, as well as notice to himself by an indorsee. (5 Mass. 170.)

If due demand on the maker be not made, or due notice of non-acceptance or non-payment be not given, yet a subsequent promise to pay, by the party entitled to notice, be he either drawer or indorser, will amount to a waiver of the demand or notice; provided the promise was made unequivocally, and with full knowledge of the fact of a want of due diligence on the part of the holder.

When a draft has been protested for non-acceptance, the holder is not bound to present it at maturity for payment to preserve his recourse. (8 N. H. 66.)

DAYS OF GRACE.-NOTICE TO INDORSERS.

DAYS OF GRACE.

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Days of grace, or time when a demand should be made. In Massachusetts, three days of grace are allowed on all bills of exchange, payable at sight or at a future day certain, and on all promissory negotiable notes, orders and drafts, payable at a future day certain. (R. S. c. 33, §5.) This is the rule in nearly all the States.

No days of grace are allowed on bills, notes or drafts payable on demand; and where no time of payment is expressed on the face of the note, it is treated as a note payable on demand.

Where days of grace are by law allowed on bills or notes, they are not considered due until the expiration of the days of grace. It would therefore be equally unseasonable, to demand payment before the expiration of the third day of grace, as after the day. The demand must be made on the third day of grace, unless it happens to fall on Sunday, or some public day, when the demand should be made on the second day of grace, otherwise the drawer of the bill, and the indorser of the note, are discharged.

The demand must be made at seasonable hours; as, within business hours, if made at the maker's place of business; or within the usual hours for a family to be up, if made at his dwelling-house; otherwise the demand is not good. So a note payable at a bank, must be paid within bank hours.

NOTICE TO INDORSERS.

What notice that a bill or note is dishonored, must be given the indorsers or drawer, to render them liable. -It is not sufficient for the holder of a bill or note, to show that he has made a demand, or used due diligence to obtain the money of the drawee or maker; but he must give seasonable notice to the drawer or indorsers, or their authorized agent, that the note or bill has been dishonored, otherwise they will not be liable.

The holder of a bill or note, therefore, should, immediately upon its dishonor, give due notice thereof to all the parties he intends to look to for payment.

Any indorser who has received seasonable notice is liable, although no notice be given to the drawer or prior indorsers, as the holder need give notice to no one, excepting such as he wishes to hold liable. The indorser, therefore, on receiving notice of the dishonor of a bill or note, should give immediate notice to the drawer and indorsers to whom he means to resort. A notice, however, from the holder to any other party, will inure to the benefit of every other party, coming between the person giving the notice, and the person to whom it is given.

The notice must be given by the holder or his authorized agent; and notice by a mere stranger will not be sufficient. If the holder is a bankrupt or insolvent, then notice by his assignee will be sufficient.

Where the parties to be notified reside in the same town or city with the holder, they must have personal notice of the dishonor of the bill or note, either verbally or in writing; or a written notice must be left at their dwelling-house or place of business. Either mode is sufficient; but one or the other must be observed, unless it is prevented by the act of the party entitled to the notice.

Where the parties do not live in the same town with the holder, the notice may be sent by mail or by a private hand. It is usual to send by mail, and that perhaps is the better way. Where the holder lives in the same town with a party to be notified, it will not be sufficient to send the notice to the Post Office, unless the holder can prove that the party actually got the notice. It has been thought that in a large city, where there is a penny post established, a notice sent through the Post Office would be sufficient."

If the holder uses the ordinary mode of conveyance, he is not required to see that the notice is brought home to the party; and putting the notice by letter into the Post Office is sufficient, though the letter - should happen to miscarry.

The notice must be given or sent within a reasonable time. It is considered a reasonable time to give notice the next day after the note is dishonored. If notice is to be sent by mail, it should be put into the