§ 26-1-3.1-504 — Excused presentment and notice of dishonor

Indiana § 26-1-3.1-504

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 3.1: Negotiable Instruments

Text

(a) Presentment for payment or
acceptance of an instrument is excused if:
(1) the person entitled to present the instrument cannot with
reasonable diligence make presentment;
(2) the maker or acceptor has repudiated an obligation to pay the
instrument or is dead or in insolvency proceedings;
(3) by the terms of the instrument presentment is not necessary to
enforce the obligation of endorsers or the drawer;
(4) the drawer or endorser whose obligation is being enforced has
waived presentment or otherwise has no reason to expect or right
to require that the instrument be paid or accepted; or
(5) the drawer instructed the drawee not to pay or accept the draft
or the drawee was not obligated to the drawer to pay the draft.
(b) Notice of dishonor is excused if:
(1) by the terms of the instrument notice of dishonor is not
necessary to enforce the obligation of a party to pay the
instrument; or
(2) the party whose obligation is being enforced waived notice of
dishonor.
A waiver of presentment is also a waiver of notice of dishonor.
(c) Delay in giving notice of dishonor is excused if the delay was
caused by circumstances beyond the control of the person giving the
notice and the person giving the notice exercised reasonable diligence
after the cause of the delay ceased to operate.

Legislative History

As added by P.L.222-1993, SEC.5.