PART 5. 
DISHONOR



 



§490:3-501  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 article
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 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. [L
1991, c 118, pt of §1]