47-3501. Presentment


A. "Presentment" means a demand made by or on behalf of a person entitled to
enforce an instrument:


1. 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


2. To accept a draft made to the drawee.


B. The following rules are subject to chapter 4 of this title, agreement of the
parties, and clearing house rules and the like:


1. Presentment:


(a) 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;


(b) May be made by any commercially reasonable means, including an oral, written or
electronic communication;


(c) Is effective when the demand for payment or acceptance is received by the
person to whom presentment is made; and


(d) 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:


(a) Exhibit the instrument;


(b) Give reasonable identification and, if presentment is made on behalf of another
person, reasonable evidence of authority to do so; and


(c) 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:


(a) Return the instrument for lack of a necessary indorsement; or


(b) 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 cutoff hour not earlier than 2:00 p.m. for the receipt and processing
of instruments presented for payment or acceptance and presentment is made after the
cut-off hour.