§ 34.1-3-501 — Presentment

(a) "Presentment" means a demand made by or on behalf of a
person entitled to enforce an instrument (1) 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 payable
at a bank, to the bank, or (2) to accept a draft made to the
drawee.
(b) The following rules are subject to article 4,
agreement of the parties, and clearing-house rules and the like:
(i) 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; and is effective if made to any one
(1) of two (2) or more makers, acceptors, drawees, or other
payors;
(ii) Upon demand of the person to whom presentment is
made, the person making presentment must (1) exhibit the
instrument, (2) give reasonable identification and, if
presentment is made on behalf of another person, reasonable
evidence of authority to do so, and (3) sign a receipt on the
instrument for any payment made or surrender the instrument if
full payment is made;
(iii) Without dishonoring the instrument, the party
to whom presentment is made may (1) return the instrument for
lack of a necessary indorsement, or (2) refuse payment or
acceptance for failure of the presentment to comply with the
terms of the instrument, an agreement of the parties, or other
applicable law or rule;
(iv) The party to whom presentment is made may 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 cut-off hour not earlier than 2:00 p.m. for the
receipt and processing of instruments presented for payment or
acceptance and presentment is made after the cut-off hour.