Presentment Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Presentment, written in plain English, along with examples of how it is used.
What is Presentment?
n.1)Claiming payment on a check or a promissory note when the maturity date arrives. 2)A written statement presented by the grand jury that a crime is commited either by a public servant or is against the welfare of the general public.The grand jury presents this report on its own without any request or demand of proof by the local prosecutor.
History and Meaning of Presentment
Presentment is an important legal term that has two distinct meanings. The first definition of presentment refers to the act of claiming payment on a check or promissory note when the maturity date arrives. The second definition of presentment refers to a written statement presented by a grand jury that alleges that a crime has been committed either by a public servant or against the welfare of the general public. The grand jury presents this report on its own without any request or demand of proof by the local prosecutor.
The concept of presentment has its roots in the English common law system. During the Middle Ages, merchants would often use bills of exchange to transfer funds between different regions. When a person received a bill of exchange, they would sometimes keep it until the maturity date had passed before trying to collect payment. Presentment thus became a crucial aspect of the bill of exchange system, as it allowed the holder of the bill to demand payment and confirm that the funds were available.
Examples of Presentment
When the due date of a promissory note arrived, the creditor made a presentment to demand payment.
The grand jury issued a presentment accusing a public official of corruption and misuse of government funds.
The bank rejected the check presentment because the account did not have sufficient funds.
Legal Terms Similar to Presentment
Indictment: A formal accusation that a person has committed a crime, issued by a grand jury or a prosecutor.
Demand for Payment: A letter or notice sent by a creditor to demand repayment of a debt.
Bill of Exchange: A written order, similar to a check, that instructs one party to pay another party a fixed sum of money at a later date.