The X bank at which a certificate of deposit was payable was in the hands of a receiver at the time of maturity of the certificate. Plaintiff, holder, sued defendant on his liability as an indorser. Defendant claimed a discharge of his liability because of plaintiff's failure to present for payment to the maker (X bank) at maturity. Held, plaintiff was excused from presenting for payment. O'Neal v. Clark, (Ala. 1934) 155 So. 562.
BILLS AND NOTES - EXCUSE OF PRESENTMENT FOR PAYMENT,
Mich. L. Rev.
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