ART. 13 ] PRESENTMENT FOR PAYMENT. 37

show that as between or among themselves they have agreed
otherwise. Joint payees or joint indorsees who indorse are
deemed to indorse jointly and severally.

88. When a broker or other agent negotiates an instrument
without indorsement, he incurs all the liabilities prescribed by
section eighty-four of this article, unless he discloses the name of
his principal, and the fact that he is acting only as agent.

CHAPTER VII—Presentment for Payment.

89. 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 wil-
lingness are equivalent to a tender of payment upon his part.
But except as herein otherwise provided, presentment for pay-
ment is necessary in order to charge the drawer and indorsers.

90. Where the instrument is not payable on demand, present-
ment must be made on the day it falls due. Where it is payable,
on demand, presentment must be made within a reasonable time
after its issue, except that in the case of a bill of exchange, pre-
sentment for payment will be sufficient if made within a reason-
able time after the last negotiation thereof.

91. Presentment for payment, to be sufficient, must be made:

1. By the holder, or by some person authorized to receive pay-
ment on his behalf;

2. At a reasonable hour on a business day;

3. At a proper place, as herein defined;

4. To the person primarily liable on the instrument, or, if he
is absent or inaccessible, to any person found at the place where
the presentment is made.

92. Presentment for payment is made at the proper place:

1. Where a place of payment is specified in the instrument
and it is there presented;

2. Where no place of payment is specified but the address of
the person to make payment is given in the instrument and it is
there presented;