§12A-3-501. Presentment.
371 words·~2 min read·
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PRESENTMENT
(a)"Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument
(i)to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or
(ii)to accept a draft made to the drawee.
(b)The following rules are subject to Article 4 of this title, agreement of the parties, and clearing-house rules and the like:
(1)Presentment may be made at the place of payment of the
instrument and must be made at the place of payment if
the instrument is payable at a bank in the United
States; may be made by any commercially reasonable
means, including an oral, written, or electronic
communication; is effective when the demand for
payment or acceptance is received by the person to
whom presentment is made; and is effective if made to
any one of two or more makers, acceptors, drawees, or
other payors;
(2)Upon demand of the person to whom presentment is made,
the person making presentment must
(i)exhibit the
instrument,
(ii)give reasonable identification and,
if presentment is made on behalf of another person,
reasonable evidence of authority to do so, and
sign a receipt on the instrument for any payment made
or surrender the instrument if full payment is made;
(3)Without dishonoring the instrument, the party to whom
presentment is made may
(i)return the instrument for
lack of a necessary indorsement, or
(ii)refuse
payment or acceptance for failure of the presentment
to comply with the terms of the instrument, an
agreement of the parties, or other applicable law or
rule; and
The party to whom presentment is made may treat
presentment as occurring on the next business day
after the day of presentment if the party to whom
presentment is made has established a cutoff hour not
earlier than 2 o'clock p.m. for the receipt and
processing of instruments presented for payment or
acceptance and presentment is made after the cutoff
hour. Laws 1961, p. 114, § 3-501; Laws 1970, c. 246, § 2; Laws 1991, c. 117, § 84, eff. Jan. 1, 1992.