When a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time. If he does not do so, the drawer and all endorsers prior to that holder are discharged. (3) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.
A bill is duly presented for acceptance which is presented in accordance with the following rules—
- The presentment must be made by or on behalf of the holder to the drawee or to some person authorized to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue;
- Where a bill is addressed to two or more drawees, who are not partners, presentment must be made to them all, unless one has authority to accept for all, then presentment may be made to him only;
- Where the drawee is dead, presentment may be made to his personal representative;
- Where the drawee is bankrupt, presentment may be made to him or to his trustee;
- Where authorized by agreement or usage, a presentment through the Post Office is sufficient.