§490:3-504  Excused presentment and notice
of dishonor.  (a)  Presentment for payment or acceptance of an instrument
is excused if (i) the person entitled to present the instrument cannot with
reasonable diligence make presentment, (ii) the maker or acceptor has
repudiated an obligation to pay the instrument or is dead or in insolvency
proceedings, (iii) by the terms of the instrument presentment is not necessary
to enforce the obligation of indorsers or the drawer, (iv) the drawer or
indorser whose obligation is being enforced has waived presentment or otherwise
has no reason to expect or right to require that the instrument be paid or
accepted, or (v) 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.



(b)  Notice of dishonor is excused if (i) by
the terms of the instrument notice of dishonor is not necessary to enforce the
obligation of a party to pay the instrument, or (ii) the party whose obligation
is being enforced waived notice of dishonor.  A waiver of presentment is also a
waiver of notice of dishonor.



(c)  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. [L 1991, c 118, pt of
§1]