57A-3-501 Presentment.
57A-3-501.
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 chapter 57A-4, 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 (iii) 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.
(4)
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 cut-off hour not earlier than two p.m. for the receipt and processing of
instruments presented for payment or acceptance and presentment is made after the cut-off
hour.
Source: SL 1994, ch 367, § 3-501.