J. MILLARD TAWES, Governor                      855

(a)  a document regular in form as provided in the preceding sec-
tion which purports to be a protest;

(b)  the purported stamp or writing of the drawee, payor bank
or presenting bank on the instrument or accompanying it stating that
acceptance or payment has been refused for reasons consistent with
dishonor;

(c)  any book or record of the drawee, payor bank, or any collecting
bank kept in the usual course of business which shows dishonor, even
though there is no evidence of who made the entry.

3—511. Waived or Excused Presentment, Protest or Notice of Dis-
honor or Delay Therein.

(1)  Delay in presentment protest or notice of dishonor is excused
when the party is without notice that it is due or when the delay is
caused by circumstances beyond his control and he exercises reason-
able diligence after the cause of the delay ceases to operate.

(2)  Presentment or notice or protest as the case may be is en-
tirely excused when

(a)  the party to be charged has waived it expressly or by implica-
tion either before or after it is due; or

(b)  such party has himself dishonored the instrument or has coun-
termanded payment or otherwise has no reason to expect or right
to require that the instrument be accepted or paid; or

(c)   by reasonable diligence the presentment or protest cannot be
made or the notice given.

(3)  Presentment is also entirely excused when

(a)  the maker, acceptor or drawee of any instrument except a
documentary draft is dead or in insolvency proceedings instituted
after the issue of the instrument; or

(b)  acceptance or payment is refused but not for want of proper
presentment.

(4) Where a draft has been dishonored by nonacceptance a later
presentment for payment and any notice of dishonor and protest
for nonpayment are excused unless in the meantime the instrument
has been accepted.

(5)  A waiver of protest is also a waiver of presentment and of
notice of dishonor even though protest is not required.

(6)  Where a waiver of presentment or notice or protest is em-
bodied in the instrument itself it is binding upon all parties; but
where it is written above the signature of an indorser it binds him
only.

Part 6
Discharge
3—601. Discharge of Parties.

(1) The extent of the discharge of any party from liability on an
instrument is governed by the sections on

(a) payment or satisfaction (Section 3—603); or