Section 3--511. Waived or Excused Presentment, Protest or Notice of

Dishonor or Delay Therein.

(1) Delay in presentment, protest or notice of dishonor is excused
when the party is without notice that it is due or when the delay is
caused by circumstances beyond his control and he exercises reasonable
diligence after the cause of the delay ceases to operate.

(2) Presentment or notice or protest as the case may be is entirely
excused when

(a) the party to be charged has waived it expressly or by

implication either before or after it is due; or

(b) such party has himself dishonored the instrument or has

countermanded payment or otherwise has no reason to expect or

right to require that the instrument be accepted or paid; or

(c) by reasonable diligence the presentment or protest cannot be

made or the notice given.

(3) Presentment is also entirely excused when

(a) the maker, acceptor or drawee of any instrument except a

documentary draft is dead or in insolvency proceedings

instituted after the issue of the instrument; or

(b) acceptance or payment is refused but not for want of proper

presentment.

(4) Where a draft has been dishonored by nonacceptance a later
presentment for payment and any notice of dishonor and protest for
nonpayment are excused unless in the meantime the instrument has been
accepted.

(5) A waiver of protest is also a waiver of presentment and of notice
of dishonor even though protest is not required.

(6) Where a waiver of presentment or notice or protest is embodied in
the instrument itself it is binding upon all parties; but where it is
written above the signature of an indorser it binds him only.