47-3603

47-3603. 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.