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.