Presentment for payment to be sufficient must be made - a. By the drawer or by some other person L f B r l b. To the person primarily liable on the instrument c. At any place d. On any day regardless of the time
Question
Presentment for payment to be sufficient must be made - a. By the drawer or by some other person L f B r l b. To the person primarily liable on the instrument c. At any place d. On any day regardless of the time
Solution
The presentment for payment to be sufficient must be made:
a. By the holder or by some other person authorized to receive payment on his or her behalf. This means that the person who is presenting the instrument for payment should either be the person to whom the money is owed (the holder) or someone who is legally authorized to act on behalf of the holder.
b. To the person primarily liable on the instrument. This means that the instrument should be presented to the person who is legally obligated to pay the amount specified in the instrument. This could be the person who issued the instrument or, in some cases, a person who has guaranteed payment.
c. At a reasonable place. This means that the instrument should be presented at a place where the person primarily liable on the instrument could reasonably be expected to pay it. This could be the person's place of business, residence, or any other place agreed upon by the parties.
d. On a reasonable day and at a reasonable time. This means that the instrument should be presented on a day and at a time when the person primarily liable on the instrument could reasonably be expected to pay it. This could be during normal business hours on a business day. If the instrument specifies a particular day or time for payment, then the instrument should be presented on that day or at that time.
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