If you want a timeout you can either set the
RecevieTimeout/SendTimeout properties on the TcpClient or the
IModbusMaster.Transport.ReadTimeout/WriteTimeout properties.
When you're using Modbus over TCP/IP the slave address is ignored as
the slave is being addressed by IP.
The fact that you're receiving a slave exception response indicates
that the device does indeed exist on the network. Function Code 131
represents an exception that occurred during a ReadHoldingRegisters
request, Exception Code 2 is for an illegal data address.
Scott