A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, if he can, after reasonable search, be found, by a person entitled to demand acceptance, within a reasonable time after it is drawn, and in business hours on a business day.
In default of such presentment, no party thereto is liable thereon to the person making such default.
If the drawee cannot, after reasonable search, be found, the bill is dishonoured.
If the bill is directed to the drawee at a particular place, it must be presented at that place; and if at the due date for presentment he cannot, after reasonable search, be found there, the bill is dishonoured.
Where authorized by agreement or usage, a presentment through the post office by means of a registered letter is sufficient.
Legal Commentary & Landmark Judgments: Section 61
Section 61 mandates presentment for acceptance, enacting that a bill of exchange payable after sight must be presented to the drawee for acceptance within a reasonable time by a person entitled to demand acceptance.
In documentary credit and trade finance litigation, counsel representing drawers must audit the exact dates between issuance and presentment for acceptance. If the bank sat on the bill for weeks without commercial excuse, argue discharge under Section 61.