400.3-504. Excused presentment and notice of dishonor. - Missouri Statutes

Excused presentment and notice of dishonor.

400.3-504. (a) Presentment for payment or acceptance of aninstrument is excused if (i) the person entitled to present theinstrument cannot with reasonable diligence make presentment,(ii) the maker or acceptor has repudiated an obligation to paythe instrument or is dead or in insolvency proceedings, (iii) bythe terms of the instrument presentment is not necessary toenforce the obligation of endorsers or the drawer, (iv) thedrawer or endorser whose obligation is being enforced has waivedpresentment or otherwise has no reason to expect or right torequire that the instrument be paid or accepted, or (v) thedrawer instructed the drawee not to pay or accept the draft orthe drawee was not obligated to the drawer to pay the draft.

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

(c) Delay in giving notice of dishonor is excused if thedelay was caused by circumstances beyond the control of theperson giving the notice and the person giving the noticeexercised reasonable diligence after the cause of the delayceased to operate.

(L. 1992 S.B. 448)

*No continuity with § 400.3-504 as repealed by L. 1992 S.B. 448.