Effective – 28 Aug 1992, 2 histories 400.3-501. 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 […]
Effective – 28 Aug 1992, 2 histories 400.3-502. Dishonor. — (a) Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. (2) If the […]
Effective – 28 Aug 1992, 2 histories 400.3-503. Notice of dishonor. — (a) The obligation of an endorser stated in Section 400.3-415(a) and the obligation of a drawer stated in Section 400.3-414(d) may not be enforced unless (i) the endorser or drawer is given notice of dishonor of the instrument complying with this section or […]
Effective – 28 Aug 1992, 2 histories 400.3-504. Excused presentment and notice of dishonor. — (a) Presentment for payment or acceptance of an instrument is excused if (i) the person entitled to present the instrument cannot with reasonable diligence make presentment, (ii) the maker or acceptor has repudiated an obligation to pay the instrument or […]
Effective – 28 Aug 1992, 2 histories 400.3-505. Evidence of dishonor. — (a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) a document regular in form as provided in subsection (b) which purports to be a protest; (2) a purported stamp or writing […]
