70A-3-501 - Presentment.
70A-3-501. Presentment.
(1) "Presentment" means a demand made by or on behalf of a person entitled to enforcean instrument to pay the instrument made to the drawee or a party obliged to pay the instrumentor, in the case of a note or accepted draft payable at a bank, to the bank, or to accept a draft madeto the drawee.
(2) The following rules are subject to Title 70A, Chapter 4, Uniform Commercial Code --Bank Deposits and Collections agreement of the parties, clearinghouse rules, and the like:
(a) Presentment:
(i) may be made at the place of payment of the instrument and must be made at the placeof payment if the instrument is payable at a bank in the United States;
(ii) may be made by any commercially reasonable means, including an oral, written, orelectronic communication;
(iii) is effective when the demand for payment or acceptance is received by the person towhom presentment is made; and
(iv) is effective if made to any one of two or more makers, acceptors, drawees, or otherpayors.
(b) Upon demand of the person to whom presentment is made, the person makingpresentment 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 iffull payment is made.
(c) 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 termsof the instrument, an agreement of the parties, or other applicable law or rule.
(d) The party to whom presentment is made may treat presentment as occurring on thenext business day after the day of presentment if the party to whom presentment is made hasestablished a cut-off hour not earlier than 2 p.m. for the receipt and processing of instrumentspresented for payment or acceptance and presentment is made after the cut-off hour.
Repealed and Re-enacted by Chapter 237, 1993 General Session