(1) Presentment for payment or acceptance of an instrument is excused if:
(a) the person entitled to present the instrument cannot with reasonable diligence
(b) the maker or acceptor has repudiated an obligation to pay the instrument or is
dead or in insolvency proceedings;
(c) by the terms of the instrument, presentment is not necessary to enforce the obligation
of indorsers or the drawer; or
(d) the drawer or indorser whose obligation is being enforced waived presentment or
otherwise has no reason to expect or right to require that the instrument be paid
(2) Presentment for payment or acceptance of a draft is also excused if 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.
(3) Notice of dishonor is excused if by the terms of the instrument, notice of dishonor
is not necessary to enforce the obligation of a party to pay the instrument or the
party whose obligation is being enforced waived notice of dishonor. A waiver of presentment is also a waiver of notice of dishonor.
(4) 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.
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