presentment (pri-zent-m<<schwa>>nt). 1. The act of presenting or laying before a court or other tribunal a formal statement about a matter to be dealt with legally. 2.Criminal procedure. A formal written accusation returned by a grand jury on its own initiative, without a prosecutor’s previous indictment request. • Presentments are obsolete in the federal courts. [Cases: Grand Jury 42.]
“A grand jury has only two functions, either to indict or to return a ‘no bill.’ The Constitution speaks also of a ‘presentment,’ but this is a term with a distinct historical meaning now not well understood. Historically presentment was the process by which a grand jury initiated an independent investigation and asked that a charge be drawn to cover the facts should they constitute a crime. With United States attorneys now always available to advise grand juries, proceeding by presentment is an outmoded practice.” 1 Charles Alan Wright, Federal Practice and Procedure § 110, at 459 (3d ed. 1999).
3. The formal production of a negotiable instrument for acceptance or payment. [Cases: Bills and Notes 385–407. C.J.S. Bills and Notes; Letters of Credit§§ 4, 97–98, 202, 204–209, 212, 257.]“Presentment and dishonor occur, for instance, when the holder of a check attempts to cash it at the drawee bank, but payment is refused because the drawer lacks sufficient funds on deposit. The demand for payment is presentment. The bank’s refusal to pay is dishonor.” 2 James J. White & Robert S. Summers, Uniform Commercial Code § 16-8, at 100 (4th ed. 1995).
presentment for acceptance. Production of an instrument to the drawee, acceptor, or maker for acceptance. • This type of presentment may be made anytime before maturity, except that with bills payable at sight, after demand, or after sight, presentment must be made within a reasonable time. [Cases: Bills and Notes 388.]
presentment for payment. Production of an instrument to the drawee, acceptor, or maker for payment. • This type of presentment must be made on the date when the instrument is due. [Cases: Bills and Notes 399. C.J.S. Bills and Notes; Letters of Credit § 205.]
[Blacks Law 8th]