222 LAWS OF MARYLAND.

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.

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 coon 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 bank, it is
equivalent to an order to the bank to pay the same for the
account of the principal debtor thereon.

107. Payment is made in due course when it is made at or
after the maturity of the instrument to the holder thereof in
good faith and without notice that his title is defective.

CHAPTER VII.

NOTICE OF DISHONOR.
Index to Chapter VI11.

108. To whom notice of dishonor 110. Notice given by agent.

must be given. 111. Effect of notice given on be-

109. By whom given. half of holder.