New York § 3-506 Time Allowed for Acceptance or Payment

New York Statutes

§ 3-506 — Time Allowed for Acceptance or Payment

New York § 3-506

Law UCCUniform Commercial Code

Part 5Presentment, Notice of Dishonor and Protest

Art. 3Commercial Paper

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Bluebook

N.Y. Uniform Commercial Code § 3-506 (2026).

Text

Section 3--506. Time Allowed for Acceptance or Payment.\n  (1) Acceptance may be deferred without dishonor until the close of the\nnext business day following presentment. The holder may also in a good\nfaith effort to obtain acceptance and without either dishonor of the\ninstrument or discharge of secondary parties allow postponement of\nacceptance for an additional business day.\n  (2) Except as a longer time is allowed in the case of documentary\ndrafts drawn under a letter of credit, and unless an earlier time is\nagreed to by the party to pay, payment of an instrument may be deferred\nwithout dishonor pending reasonable examination to determine whether it\nis properly payable, but payment must be made in any event before the\nclose of business on the day of presentment.\n

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Section 3--506. Time Allowed for Acceptance or Payment.\n (1) Acceptance may be deferred without dishonor until the close of the\nnext business day following presentment. The holder may also in a good\nfaith effort to obtain acceptance and without either dishonor of the\ninstrument or discharge of secondary parties allow postponement of\nacceptance for an additional business day.\n (2) Except as a longer time is allowed in the case of documentary\ndrafts drawn under a letter of credit, and unless an earlier time is\nagreed to by the party to pay, payment of an instrument may be deferred\nwithout dishonor pending reasonable examination to determine whether it\nis properly payable, but payment must be made in any event before the\nclose of business on the day of presentment.\n