Briefly it may be stated that a failure to present a promissory note or a bill of exchange for payment at the proper place on the day of maturity will discharge the persons secondarily liable on the paper, and will further relieve the maker or acceptor from the liability of payment of further interest on the paper, if the maker or acceptor was prepared and stood ready to meet the paper according to the terms of the same, as stipulated in the note or bill. The maker or acceptor would not, however, be relieved from liability to pay the principal sum named in the note or bill. As to the principal sum, the maker and acceptor continue to be liable at all times and everywhere for its payment within the period of the statute of limitations. The instituting of a suit against the maker or acceptor is sufficient demand as to them.16 So far as the drawer of a bill or the indorser of a note or bill is concerned, the holder is held to the strictest liability in the matter of presenting the paper on the day of maturity and complying with the other terms of the note or bill.17

15 Whittier vs. Graffam, 3 Greenl.

82. 16 Jackson vs. Packer, 13 Conn.

342.

17 Johnson vs. Haight, 13 Johns., 470.