50 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

under the provisions of sections ninety-one and one hundred and
four of this article. When Saturday is not otherwise a holiday,
presentment for acceptance may be made before twelve o'clock
noon on that day.

166. Where the holder of a bill, drawn payable elsewhere
than at the place of business or the residence of the drawee,
has not time, with the exercise of reasonable diligence, to present
the bill for acceptance before presenting it for payment on the
day that it falls due, the delay caused by presenting the bill for
acceptance before presenting it for payment is excused, and does
not discharge the drawers and indorsers.

167. Presentment for acceptance is excused, and a bill may
be treated as dishonored by non-acceptance, in either of the
following cases:

1. Where the drawee is dead, or has absconded, or is a fictitious
person, or a person not having capacity to contract by bill;

2. Where after the exercise of reasonable diligence, present-
ment cannot be made;

3. Where although presentment has been irregular, acceptance
has been refused on some other ground.

168, A bill is dishonored by non-acceptance:

1. When it is duly presented for acceptance, and such an
acceptance as is prescribed by this article is refused or cannot be
obtained;

2. When presentment for acceptance is excused and the bill is
not accepted.

169. Where a bill is duly presented for acceptance and is not
accepted within the prescribed time, the person presenting it
must treat the bill as dishonored by non-acceptance or he loses
the right of recourse against the drawer and indorsers.

170. When a bill is dishonored by non-acceptance, an imme-
diate right of recourse against the drawers and indorsers accrues
to the holder, and no presentment for payment is necessary.