59When presentment dispensed with

59 When presentment dispensed with

Presentment of a cheque for payment is dispensed with: (a) where the cheque cannot, with the exercise of reasonable diligence, be duly presented; or (aa) if the drawee institution has become a failed financial institution within the meaning of subsection 70A(2); or (b) as regards the drawer, in the following cases, namely: (i) where: (A) the drawee institution is not, as between the drawer and itself, under an obligation to pay the cheque; and (B) the drawer had no reason to believe, at the time of the issue of the cheque, that the cheque would be paid if duly presented; (ii) where the drawer has, expressly or by implication, waived the right to presentment; or (c) as regards an indorser, where the indorser has, expressly or by implication, waived the right to presentment.