§490:3-603  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 the 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. [L 1991, c 118, pt of §1]