340 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13
86. Where a person places his indorsement on an instru-
ment negotiable by delivery, he incurs all the liabilities of an
indorser.
87. As respects one another, indorsers are liable prima facie
in the order in which they indorse; but evidence is admissible
to 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 VIl-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
willingness are equivalent to a tender of payment upon his port.
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, pre-
sentment must be made on the day it falls due. Where it is
payable on demand, presentment must be made within a reason-
able time after its issue, except that in the case of a bill of
exchange, presentment for payment will be sufficient if made
within a reasonable 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
payment 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;
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