what are the effects of non-presentment for acceptance
Answers
Answer:
However, a note which is payable at a certain period after sight must be presented to the maker for sight in order to get its maturity fixed. If the maker is not found presentment is excused and the instrument may be treated as dishonoured.
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Answer:
To get the maturity date specified, a note that is due at a specific time after sight must be brought to the maker for sight. Presentment is forgiven and the instrument may be viewed as dishonored if the maker cannot be located.
Explanation:
What is non presentment for acceptance?
When a drawee, or one of multiple drawees who are not partners, fails to accept a bill of exchange after being properly required to do so or when presentment is excused but the bill is not accepted, the bill is said to be dishonored by non-acceptance.
Presentations for acceptance or payment may be made to the lawfully authorized agent of the drawee, maker, or acceptor, as the case may be; to his legal representative in cases of death; or to his assignee in cases where he has been declared insolvent.
(a) "Presentment" refers to a demand made by or on behalf of a person who has the authority to enforce an instrument, either I to pay the instrument made to the drawee or a party obligated to pay the instrument, or (ii) to accept a draught made to the drawee.
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