ART. 13] PRESENTMENT FOIi PAYMENT. 287

1904, art. 13, sec. 100. 1898, ch. 119.

100. Delay in making presentment for payment is excused when
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 with reason-
able diligence.

Ibid. sec. 101. 1898, ch. 119.

101. Presentment for payment is dispensed with:

1. Where after the exercise of reasonable diligence, presentment as
required by this act can not be made;

2. Wliere the drawee is a fictitious person;

3. By waiver of presentment, express or implied.

Ibid. sec. 102. 1898, ch. 119.
102. The instrument is dishonored by non-payment, when:

1. It is duly presented for payment and payment is refused or can
not be obtained; or

2. Presentment is excused and the instrument is overdue and unpaid.

Ibid. sec. 103. 1898, ch. 119.

103. Subject to the provisions of this article, when the instrument
is dishonored by non-payment, and immediate right of recourse to all
parties secondarily liable thereon accrues to the holder.

Ibid. sec. 104. 1898, ch. 119.

104. Every negotiable instrument is payable at the time fixed
therein without grace. When the day of maturity falls upon Sunday,
or a holiday, the instrument is payable on the next succeeding business
day. Instruments falling due on Saturday are to be presented for pay-
ment on the next succeeding business day, except that instruments pay-
able on demand may, at the option of the holder, be presented for pay-
ment before twelve o'clock noon on Saturday, when that entire day is
not a holiday.

Ibid. sec. 105. 1898, cb. 119.

105. Where the instrument is payable at a fixed period after date,
after sight, or after the happening of a specified event, the time of pay-
ment is determined by excluding the day from which the time is to
begin to run, and by including the date of payment.
See sec. 17.

Ibid. sec. 106. 1898. ch. 119.

106. Wliere the instrument is made payable at a bank, it is equiva-
lent to an order to the bank to pay the same for the account of the prin-
cipal debtor thereon.

Ibid. sec. 107. 1898, ch. 119.

107. Payment is made in due course when it is made at or after
the maturity of the instrument to the holder thereof in good faith and
without notice that his title is defective.