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presentment for payment:
(18c)
1. Production of an instrument to the drawee, acceptor, or maker for payment. * This type of presentment must be made on the date when the instrument is due. [1]
1. The method by which it is determined whether a person primarily liable on an instrument will pay or whether it will be necessary to resort for payment to persons secondarily liable. A demand for payment; a personal or face-to-face demand accompanied by a readiness to make actual presentment or exhibition of the instrument and its surrender upon payment. 11 Am J2d B & N § 738. [2]
1. With respect to negotiable instruments, payment to the holder at or after the maturity of the instrument, in good faith and without notice that his title is defective. See defective title. [3]
References:
Disclaimer: All material throughout this website is compiled in accordance with Fair Use.
[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4
[2]: Ballantine’s Law Dictionary with Pronunciations Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
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