2013 New York Consolidated Laws
UCC - Uniform Commercial Code
Article 3 - COMMERCIAL PAPER
Part 5 - (3-501 - 3-511) PRESENTMENT, NOTICE OF DISHONOR AND PROTEST
3-502 - Unexcused Delay; Discharge.

 
  Section 3--502. Unexcused Delay; Discharge.
    (1)  Where  without  excuse  any  necessary  presentment  or notice of
  dishonor is delayed beyond the time when it is due
    (a) any indorser is discharged; and
    (b) any drawer or the acceptor of a draft payable at  a  bank  or  the
  maker  of  a note payable at a bank who because the drawee or payor bank
  becomes insolvent during the delay is deprived of funds maintained  with
  the  drawee  or  payor  bank  to  cover the instrument may discharge his
  liability by written assignment to the holder of his rights against  the
  drawee or payor bank in respect of such funds, but such drawer, acceptor
  or maker is not otherwise discharged.
    (2)  Where  without  excuse  a necessary protest is delayed beyond the
  time when it is due any drawer or indorser is discharged.