§ 30-3-504 — Presentment

30-3-504 . Presentment. (1) "Presentment" means a demand:
(a) to pay an instrument made to the maker, drawee, or acceptor or, in the case of a note of accepted draft payable at a bank, to the bank; or
(b) to accept a draft made to the drawee by a person entitled to enforce the instrument.
(2) Subject to chapter 4, agreement of the parties, clearing house rules and the like:
(a) 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; is effective if made to any one of two or more makers, acceptors, drawees, or other payors; and
(b) without dishonoring the instrument, the party to whom presentment is made may:
(i) 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 cutoff hour not earlier than 2 p.m. for the receipt and processing of instruments presented for payment or acceptance and presentment is made after the cutoff hour;
(ii) require exhibition of the instrument;
(iii) require reasonable identification of the person making presentment and evidence of authority to make it if made on behalf of another person;
(iv) require a signed receipt on the instrument for any payment made or surrender of the instrument if full payment is made;
(v) return the instrument for lack of a necessary indorsement; or
(vi) refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other law or applicable rule.

Legislative History

En. Sec. 3-504, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-504; amd. Sec. 145, Ch. 410, L. 1991.