Section 70

Presentment for payment (mejo malalaki na naka bold siguro xD jk)

-presentation of an instrument to the person primarily liable for the purpose of demanding and
receiving payment

Presentment for payment to person primarily liable not necessary when: (mejo malaki tas nasa taas ng
balloon)

1. Liability absolute on date for payment

2. Where instrument payable at a special place
3. Where presentment required by terms of instrument

(no. 1,2&3 nakasulat sa may lalagayn ng tao sa hot air balloon)

Presentment for paymen to persons secondarily liable necessary(nasa taas nung dalawang envelope
tas yung envelope is nasa lower right corner hihi)

1. Presentment first to primary party required

2. If not presented to person primarily liable, the drawer and indorsers are discharged from their
secondary liability unless such presentment is excused or dispensed with

(1&2 pagawa ng card na may print parang ganun sa polka dots tas dun isukat hehezz)

**pasulat din ng mismong section 70 ilalagay ko siya sa baba ng na calligraphy na section 70 tas sa
baba ilalagay ko picture at meaning ng presentment

Section 71

(pasulat din ng buong section bahala na kayo where_

Date of presentment of instrument (mejo malaki siya sa taas ng yung pinapagawa k okay cen na parang
anun ke ck na may 4 columns pero patayo )

1. (fist column) if payable at a fixed of determinable future time, presentment must be made on
the date it falls due without period of grace; otherwise, the drawer and indorser will be
discharged from liability. Presentment made before maturity is not effective
2. (second column)-if the instrument is payable on demand, the law makes a distinction as to
presentment for payment between the following:
a.) Promissory notes
b.) Ordinary bills of exchange
3. (3rd column) a) within a reasonable time after issue of note- presentment must be made to the
maker within a reasonable time after its issue. The burden is in the holder of a note, when
seeking to hold an indorser, to prove due and timely presentment
4. (4th column) b) within a reasonable time after last negotiation of bill- presentment for payment
to the drawee of acceptor must be made within a reasonable time after the last negotiation
thereof. The time from the issuance up to the last negotiation is not considered. Therefore, the
liability of the drawer and indorser of a bill could continue for an indefinite time limited only by
the statute of limitations so long as each negotiation takes place promptly after each indorser
acquires title. the last negotiation means the last transfer for value.

Section 72(pasuat ulit bahala na kayowwww)

Requisites for a sufficient presentment for payment (naka bold kahit sa gitna na mejo malaki bahala
na kayo)

***et ung ginawa ko na 3 tas sabi ko pagawa ng isa pa sana bale per 1 nun is susulatan tas ung sa
likod eh picture***

1. Presentment for payment must be made to the primary party-to the maker in case of a
promissory note, or to the acceptor in case of an accepted bill
2. If the bill of exchange or check is payable on demand, the presentment must be made to the
drawee although he is not liable on the bill.
3. If the person primary liable is absent or inaccessible, then presentment must be made to any
person of sufficient discretion at the proper place of presentment.