(a) "Presentment" means a demand made by or on behalf of a person entitledto enforce an instrument (i) to pay the instrument made to the drawee or aparty obliged to pay the instrument or, in the case of a note or accepteddraft payable at a bank, to the bank, or (ii) to accept a draft made to thedrawee.
(b) The following rules are subject to Title 8.4 agreement of the parties,and clearing-house rules and the like:
(1) Presentment may be made at the place of payment of the instrument andmust be made at the place of payment if the instrument is payable at a bankin the United States; may be made by any commercially reasonable means,including an oral, written, or electronic communication; is effective whenthe demand for payment or acceptance is received by the person to whompresentment is made; and is effective if made to any one of two or moremakers, acceptors, drawees, or other payors.
(2) Upon demand of the person to whom presentment is made, the person makingpresentment must (i) exhibit the instrument, (ii) give reasonableidentification and, if presentment is made on behalf of another person,reasonable evidence of authority to do so, and (iii) sign a receipt on theinstrument for any payment made or surrender the instrument if full paymentis made.
(3) Without dishonoring the instrument, the party to whom presentment is mademay (i) return the instrument for lack of a necessary endorsement, or (ii)refuse payment or acceptance for failure of the presentment to comply withthe terms of the instrument, an agreement of the parties, or other applicablelaw or rule.
(4) The party to whom presentment is made may treat presentment as occurringon the next business day after the day of presentment if the party to whompresentment is made has established a cut-off hour not earlier than 2 p.m.for the receipt and processing of instruments presented for payment oracceptance and presentment is made after the cut-off hour.
(Code 1950, §§ 6-425, 6-426, 6-427, 6-436, 6-498, 6-502; 1964, c. 219, §§8.3-504, 8.3-505, 8.3-507; 1992, c. 693.)
(a) "Presentment" means a demand made by or on behalf of a person entitledto enforce an instrument (i) to pay the instrument made to the drawee or aparty obliged to pay the instrument or, in the case of a note or accepteddraft payable at a bank, to the bank, or (ii) to accept a draft made to thedrawee.
(b) The following rules are subject to Title 8.4 agreement of the parties,and clearing-house rules and the like:
(1) Presentment may be made at the place of payment of the instrument andmust be made at the place of payment if the instrument is payable at a bankin the United States; may be made by any commercially reasonable means,including an oral, written, or electronic communication; is effective whenthe demand for payment or acceptance is received by the person to whompresentment is made; and is effective if made to any one of two or moremakers, acceptors, drawees, or other payors.
(2) Upon demand of the person to whom presentment is made, the person makingpresentment must (i) exhibit the instrument, (ii) give reasonableidentification and, if presentment is made on behalf of another person,reasonable evidence of authority to do so, and (iii) sign a receipt on theinstrument for any payment made or surrender the instrument if full paymentis made.
(3) Without dishonoring the instrument, the party to whom presentment is mademay (i) return the instrument for lack of a necessary endorsement, or (ii)refuse payment or acceptance for failure of the presentment to comply withthe terms of the instrument, an agreement of the parties, or other applicablelaw or rule.
(4) The party to whom presentment is made may treat presentment as occurringon the next business day after the day of presentment if the party to whompresentment is made has established a cut-off hour not earlier than 2 p.m.for the receipt and processing of instruments presented for payment oracceptance and presentment is made after the cut-off hour.
(Code 1950, §§ 6-425, 6-426, 6-427, 6-436, 6-498, 6-502; 1964, c. 219, §§8.3-504, 8.3-505, 8.3-507; 1992, c. 693.)
(a) "Presentment" means a demand made by or on behalf of a person entitledto enforce an instrument (i) to pay the instrument made to the drawee or aparty obliged to pay the instrument or, in the case of a note or accepteddraft payable at a bank, to the bank, or (ii) to accept a draft made to thedrawee.
(b) The following rules are subject to Title 8.4 agreement of the parties,and clearing-house rules and the like:
(1) Presentment may be made at the place of payment of the instrument andmust be made at the place of payment if the instrument is payable at a bankin the United States; may be made by any commercially reasonable means,including an oral, written, or electronic communication; is effective whenthe demand for payment or acceptance is received by the person to whompresentment is made; and is effective if made to any one of two or moremakers, acceptors, drawees, or other payors.
(2) Upon demand of the person to whom presentment is made, the person makingpresentment must (i) exhibit the instrument, (ii) give reasonableidentification and, if presentment is made on behalf of another person,reasonable evidence of authority to do so, and (iii) sign a receipt on theinstrument for any payment made or surrender the instrument if full paymentis made.
(3) Without dishonoring the instrument, the party to whom presentment is mademay (i) return the instrument for lack of a necessary endorsement, or (ii)refuse payment or acceptance for failure of the presentment to comply withthe terms of the instrument, an agreement of the parties, or other applicablelaw or rule.
(4) The party to whom presentment is made may treat presentment as occurringon the next business day after the day of presentment if the party to whompresentment is made has established a cut-off hour not earlier than 2 p.m.for the receipt and processing of instruments presented for payment oracceptance and presentment is made after the cut-off hour.
(Code 1950, §§ 6-425, 6-426, 6-427, 6-436, 6-498, 6-502; 1964, c. 219, §§8.3-504, 8.3-505, 8.3-507; 1992, c. 693.)
