ART. 13] PRESENTMENT FOR PAYMENT. 39

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 neg-
ligence. When the cause of delay ceases to operate, presentment
must be made with reasonable diligence.

101. Presentment for payment is dispensed with:

1. Where after the exercise of reasonable diligence, present-
ment as required by this act cannot be made;

2. Where the drawee is a fictitious person;

3. By waiver of presentment, express or implied.

102. The instrument is dishonored by non-payment, when:

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

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

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.

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 suc-
ceeding business day. Instruments falling due on Saturday are
to be presented for payment on the next succeeding business
day, except that instruments payable on demand may, at the
option of the holder, be presented for payment before twelve
o'clock noon on Saturday, when that entire day is not a holiday.

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 payment is determined by excluding the day from which
the time is to begin to run, and by including the date of pay-
ment.

106. Where the instrument is made payable at a bank, it is
equivalent to an order to the bank to pay the same for the
account of the principal debtor thereon.