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

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, pre-
sentment 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.

1904, ch. 105.

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 payment on the next succeed-
ing 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
payment.

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

*By the Act of 1904, ch. 1. negotiable Instruments maturing on February 8th, 9th, 10th,
11th. 12th. 18th, 14th and 16th, were made presentable on February 16. 1904.