§3-603. Tender of payment

Link to law: http://legislature.vermont.gov/statutes/section/09A/003/00603
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

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. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1,

1995.)
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