MARVIN MANDEL, Governor

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(a)    The party to be charged has waived it
expressly or by implication either before or after it is
due; or

(b)    Such party has himself dishonored the
instrument or has countermanded 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 embodied 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.

SUBTITLE 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 (§ 3-603); or

(b) Tender of payment (§ 3—604); or

(c)    Cancellation or renunciation (§ 3—605) ;
or

(d)   Impairment of right of recourse or of
collateral (§ 3-606); or

(e) Reacquisition of the instrument by a