BILLS OF EXCHANGE . [ 9 of 1885. ] 751
85. ( 1.) A promissory note may be made by two or more Joint and
makers, and they may be liable thereon jointly, or jointly and several notes.
severally according to its tenour.
( 2. ) Where a note runs “ I promise to pay ” and is signed by
two or more persons it is deemed to be their joint and several
note .
86. ( 1. ) Where a note payable on demanil has been indorsed, Note payable
it must be presented for payment within a reasonable time of on demand .
the indorsement. If it be not so presented the indorser is
discharged .
( 2.) In determining what is a reasonable time, regard shall
be bad to the nature of the instrument, the usage of trade, and
the facts of the particular case.
( 3. ) Where a note payable on demand is negotiated, it is not
deemed to be overdue, for the purpose of affecting the holder
with defects of title of which he hal no notice, by reason that
it appears that a reasonable time for presenting it for payment
has elapsed since its issue.
87. ( 1. ) Where a promissory note is in the body of it made ofPresentment
note for
payable at a particular place, it must be presented for payment payment.
at that place in order to render the maker liable. In any other
case, presentment for payment is not necessary in order to
render the maker liable.
( 2. ) Presentment for payment is necessary in order to render
the indorser of a note liable.
( 3. ) Where a note is in the body of it made payable at a
particular place, presentment at that place is necessary in order
to render an indorser liable ; but when a place of payment is
indicated by way of memorandum only, presentment at that
place is sufficient to render the indorser liable, but a present
inent to the maker elsewhere, if sufficient in other respects, shall
also suffice .
88. The maker of a promissory note by making it- Liability of
maker.
( 1. ) Engages that he will pay it according to its tenour ;
( 2. ) Is precluded from denying to aa holder in due course
the existence of the payee and his then capacity to
ipdorse.
89. ( 1.) Subject to the provisions in this part and, except Application
as by this section provided, the provisions of this ordinance of part II. to
relating to bills of exchange apply, with the necessary modifi.
cations, to promissory notes.