176

LAWS OF MARYLAND

[Ch. 49

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;

(c)    Where an instrument shows the date on
which it is payable presentment for payment is due on
that date;

(d)     Where an instrument is accelerated
presentment for payment is due within a reasonable time
after the acceleration;

(e)    With respect to the liability of any
secondary party presentment for    acceptance or payment of
any other instrument is due within a reasonable time
after such party becomes liable thereon.

(2)   A reasonable time for presentment is determined
by the nature of the instrument, any usage of banking or
trade and the facts of the particular case. In the case
of an uncertified check which is drawn and payable within
the United States and which is not a draft drawn by a
bank the following are presumed to be reasonable periods
within which to present for payment or to initiate bank
collection:

(a)   With respect to the liability of the
drawer, thirty days after date or issue whichever is
later; and

(b)   With respect to the liability of an
indorser, seven days after his indorsement.

(3)    Where any presentment is due on a day which is