The place of payment of a negotiable instrument may be designated either by expressly making it "payable at" a specified place, or by the maker or acceptor adding an address to his signature. An instrument in which the place of payment is specified must be there presented (11). Thus, an instrument payable "at the First National Bank," or "at 114 South Main St., St. Louis," or "at New York city," must be presented at the place named. Where the place named is a town, e. g., New York city, the presentment must be at the residence or place of business of the acceptor or maker in New York city; but, if he has neither, the presence of the instrument in the city in the possession of the holder or his agent authorized to collect, is the proper mode of presentment. The most convenient mode of effecting the presentment of a bill or note, payable generally in a city or town, is to send it for collection to a bank doing business there. The bank then would present it at the maker's or acceptor's office or residence, or, if he had neither, the presence of the bill in the bank would be sufficient. A presentment not made at the place specified for payment is of no effect. For example, a personal presentment to the maker or acceptor at another place, or a presentment at his actual place of business or residence, if that is not the place specified, is insufficient (12).

§ 147. Same: When no place specified. If no place of payment is specified in the instrument, presentment must be made at the place of business or the residence

(11) Neg. Inst. Law, sec. 73 (1) (2). (12) First Bank v. Bank, 152 Ill. 296.

of the maker or acceptor (13). The holder may choose either and is not bound to present at both, even if no one is found at the place chosen. If the maker or acceptor has either an office or a home, a personal presentment to him elsewhere, for example, on the street, or in another's office, is insufficient (14).

If no place of payment is specified in the instrument, and the maker or acceptor has no place of business or residence, the presentment is good if made to the maker or acceptor personally wherever he can be found, or if made at his last known place of business or residence. In such a case, if the maker or acceptor's whereabouts or his last place of business or residence cannot be ascertained by the holder after a reasonable effort, the drawer and indorsers of the bill or note are bound without presentment. The N. I. L. provides for such a case as follows:

Sec. 82. Presentment for payment is dispensed with: (1) Where after the exercise of reasonable diligence presentment as required by this act cannot be made.

§ 148. Hour of presentment. Not only must the presentment be made on the proper day and at the proper place, but it must be at a reasonable hour. If the place of payment is a business office, the customary hours of business would fix the exterior limits of the time for presentment. These naturally vary in different towns. If a presentment is properly made at a residence, it should be made

(13) Neg. Inst. Law, sec. 73 (3).

(14) See Parker v. Kellogg, 158 Mass. 90; King v. Crowell, 61 Me.

between the usual hours of rising and retiring in that community. For instance, the presentment of a note at the maker's residence in a suburb of Boston, at 9 o'clock in the evening, was held sufficient although the maker and his family were in bed (15). In discussing the reasonableness of the hour the court said:

"The note declared on, not being payable at a bank, or at any place where business was transacted during certain stated hours in each day, was properly presented to the maker at his place of residence. It was also the duty of the holder to present it within reasonable hours on the day of its maturity. No fixed rule can be established by which to determine the hour beyond which a presentment, in such case, will be unreasonable and insufficient to charge an indorser. Generally, however, it should be made at such hour that, having regard to the habits and usages of the community where the maker resides, he may be reasonably expected to be in a condition to attend to ordinary business. In the present case, taking into consideration the distance of the place of residence of the maker from Boston, where the note was dated, and where it was held when it became due; the means that were taken to ascertain the residence of the maker, and the season of the year at which the note fell due, we are of opinion that a presentment at nine o'clock in the evening was seasonable and sufficient. It is quite immaterial that the maker and his family had retired for the night. The question whether a presentment is within reasonable time cannot be made to depend on the private and peculiar habits of

(15) Farnsworth v. Allen, 4 Gray, 453 (Mass.).

the maker of a note, not known to the holder; but it must be determined by a consideration of the circumstances, which, in ordinary cases, would render it seasonable or otherwise."

§ 149. Hours for presentment at bank. When the place of presentment is a bank, presentment must be made during banking hours, i. e., the hours during which the bank is open for the transaction of business over its counters. Presentment after banking hours, though the bank's doors may still be open and its officers present is too late. There is, however, an exception to this rule which has been sanctioned by the N. I. L.:

Sec. 75. Where the instrument is payable at a bank, presentment for payment must be made during banking hours, unless the person to make payment has no funds there to met it at any time during the day, in which case presentment at any hour before the bank is closed on that day is sufficient.

§ 150. Presentment must be by holder or his agent. Any person in possession of a bill or note payable to bearer or indorsed in blank is the holder of the instrument, and a proper person to make presentment, whether or not he is in fact acting for himself, or for the benefit of a third person who is entitled to the proceeds when collected. But the holder of a note specially indorsed to him, who does not wish to present it in person, may employ an agent for the purpose. There is no necessity of indorsing the instrument to the agent, even by a restrictive indorsement; nor is any written authorization necessary. A simple de

livery of the instrument unindorsed, with authority to collect it, constitutes the agent a proper person to make a presentment (16).

§ 151. To whom presentment must be made. The N. I. L. says:

Sec. 78. Where there are several persons, not partners, primarily liable on the instrument, and no place of payment is specified, presentment must be made to them all.

Sec. 77. Where the persons primarily liable on the instrument are liable as partners, and no place of payment is specified, presentment for payment may be made to any one of them, even though there has been a dissolution of the firm.

This rule that where there are several makers or acceptors who are not partners, presentment must be made to each-does not mean that personal presentment to each is necessary, but that such a presentment to each must be made as would be sufficient were he the only maker or acceptor. So far as personal presentment is concerned, the rule is the same with respect to instruments with several makers or acceptors, as in the case of instruments with one maker or acceptor. No personal presentment of an instrument payable at a particular place is necessary. If the holder or his agent, with the bill or note in his possession, applies for payment at the place specified, at a reasonable hour, the presentment is good, whether the acceptor or maker or any one representing him is present

(16) Neg. Inst. Law, sec. 72 (1).