J. MILLARD TAWES, Governor                        851

or its date of payment depends upon such presentment. The holder
may at his option present for acceptance any other draft payable at
a stated date;

(b)  presentment for payment is necessary to charge any indorser;

(c)  in the case of any drawer, the acceptor of a draft payable at
a bank or the maker of a note payable at a bank, presentment for
payment is necessary, but failure to make presentment discharges
such drawer, acceptor or maker only as stated in Section 3—502
(1) (b).

(2)   Unless excused (Section 3—511)

(a)  notice of any dishonor is necessary to charge any indorser;

(b)  in the case of any drawer, the acceptor of a draft payable
at a bank or the maker of a note payable at a bank, notice of any
dishonor is necessary, but failure to give such notice discharges
such drawer, acceptor or maker only as stated in Section 3—502
(1) (b).

(3)   Unless excused (Section 3—511) protest of any dishonor is
necessary to charge the drawer and indorsers of any draft which
on its face appears to be drawn or payable outside of the states and
territories of the United States and the District of Columbia. The
holder may at his option make protest of any dishonor of any other
instrument and in the case of a foreign draft may on insolvency of
of the acceptor before maturity make protest for better security.

(4) Notwithstanding any provision of this section, neither present-
ment nor notice of dishonor nor protest is necessary to charge an
indorser who has indorsed an instrument after maturity.

3—502. Unexcused Delay; Discharge.

(1)  Where without excuse any necessary presentment or notice
of dishonor is delayed beyond the time when it is due

(a)  any indorser is discharged; and

(b)  any drawer or the acceptor of a draft payable at a bank or
the maker of a note payable at a bank who because the drawee or
payor bank becomes insolvent during the delay is deprived of funds
maintained with the drawee or payor bank to cover the instrument
may discharge his liability by written assignment to the holder of his
rights against the drawee or payor bank in respect of such funds,
but such drawer, acceptor or maker is not otherwise discharged.

(2)   Where without excuse a necessary protest is delayed beyond
the time when it is due any drawer or indorser is discharged.

3—503. Time of Presentment.

(1) Unless a different time is expressed in the instrument the time
for any presentment is determined as follows:

(a)  where an instrument is payable at or a fixed period after a
stated date any presentment for acceptance must be made on or
before the date it is payable;

(b)  where an instrument is payable after sight it must either be
presented for acceptance or negotiated within a reasonable time after
date or issue whichever is later;