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    3-603. TENDER OF PAYMENT. - Uniform Commercial Code - US Law - LII - Legal Information Institute

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    This document discusses rules around tender of payment for obligations related to instruments under the Uniform Commercial Code. It states that the effect of a tender of payment is governed by simple contract law principles. It also notes that if a proper tender of payment is refused, the tender discharges the obligation of any endorser or accommodation party to the extent of the tender amount. Finally, it indicates that if a proper tender of payment is made, the obligor's duty to pay interest after the due date on the amount tendered is discharged.

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    3-603. TENDER OF PAYMENT. - Uniform Commercial Code - US Law - LII - Legal Information Institute

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    1stoctop
    648 views2 pages
    This document discusses rules around tender of payment for obligations related to instruments under the Uniform Commercial Code. It states that the effect of a tender of payment is governed by simple contract law principles. It also notes that if a proper tender of payment is refused, the tender discharges the obligation of any endorser or accommodation party to the extent of the tender amount. Finally, it indicates that if a proper tender of payment is made, the obligor's duty to pay interest after the due date on the amount tendered is discharged.

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    § 3-603. TENDER OF PAYMENT. _ Uniform Commercial Code _ US Law _ LII _ Legal Information Institute

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    This document discusses rules around tender of payment for obligations related to instruments under the Uniform Commercial Code. It states that the effect of a tender of payment is governed by simple contract law principles. It also notes that if a proper tender of payment is refused, the tender discharges the obligation of any endorser or accommodation party to the extent of the tender amount. Finally, it indicates that if a proper tender of payment is made, the obligor's duty to pay interest after the due date on the amount tendered is discharged.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    648 views2 pages

    3-603. TENDER OF PAYMENT. - Uniform Commercial Code - US Law - LII - Legal Information Institute

    Uploaded by

    1stoctop
    This document discusses rules around tender of payment for obligations related to instruments under the Uniform Commercial Code. It states that the effect of a tender of payment is governed by simple contract law principles. It also notes that if a proper tender of payment is refused, the tender discharges the obligation of any endorser or accommodation party to the extent of the tender amount. Finally, it indicates that if a proper tender of payment is made, the obligor's duty to pay interest after the due date on the amount tendered is discharged.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    12/16/2019 § 3-603. TENDER OF PAYMENT.

    | Uniform Commercial Code | US Law | LII / Legal Information Institute

    § 3-603. TENDER OF PAYMENT.


    (a) If tender of payment of an obligation to pay an instrument is made to a person entitled
    to enforce the instrument, the effect of tender is governed by principles of law applicable to
    tender of payment under a simple contract.

    (b) If tender of payment of an obligation to pay an instrument is made to a person entitled


    to enforce the instrument and the tender is refused, there is discharge, to the extent of the
    amount of the tender, of the obligation of an indorser or accommodation party having a right
    of recourse with respect to the obligation to which the tender relates.

    (c) If tender of payment of an amount due on an instrument is made to a person entitled to


    enforce the instrument, the obligation of the obligor to pay interest after the due date on the
    amount tendered is discharged. If presentment is required with respect to an instrument
    and the obligor is able and ready to pay on the due date at every place of payment stated in
    the instrument, the obligor is deemed to have made tender of payment on the due date to
    the person entitled to enforce the instrument.

    ‹ § 3-602. PAYMENT. up § 3-604. DISCHARGE BY CANCELLATION OR


    RENUNCIATION. ›

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    https://www.law.cornell.edu/ucc/3/3-603 1/2
    12/16/2019 § 3-603. TENDER OF PAYMENT. | Uniform Commercial Code | US Law | LII / Legal Information Institute

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