§ 34.1-3-502 — Dishonor

Wyoming § 34.1-3-502

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 3: NEGOTIABLE INSTRUMENTS

Text

(a) Dishonor of a note is governed by the following rules:
(i) 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;
(ii) If the note is not payable on demand and is
payable at or through a bank or the terms of the note require
presentment, the note is dishonored if presentment is duly made
and the note is not paid on the day it becomes payable or the
day of presentment, whichever is later;
(iii) If the note is not payable on demand and
paragraph (ii) does not apply, the note is dishonored if it is
not paid on the day it becomes payable.
(b) Dishonor of an unaccepted draft other than a
documentary draft is governed by the following rules:
(i) If a check is duly presented for payment to the
payor bank otherwise than for immediate payment over the
counter, the check is dishonored if the payor bank makes timely
return of the check or sends timely notice of dishonor or
nonpayment under section 34.1-4-301 or 34.1-4-302, or becomes
accountable for the amount of the check under section
34.1-4-302;
(ii) If a draft is payable on demand and paragraph
(i) does not apply, the draft is dishonored if presentment for
payment is duly made to the drawee and the draft is not paid on
the day of presentment;
(iii) If a draft is payable on a date stated in the
draft, the draft is dishonored if (1) presentment for payment is
duly made to the drawee and payment is not made on the day the
draft becomes payable or the day of presentment, whichever is
later, or (2) presentment for acceptance is duly made before the
day the draft becomes payable and the draft is not accepted on
the day of presentment;
(iv) If a draft is payable on elapse of a period of
time after sight or acceptance, the draft is dishonored if
presentment for acceptance is duly made and the draft is not
accepted on the day of presentment.
(c) Dishonor of an unaccepted documentary draft occurs
according to the rules stated in subsection (b)(ii), (iii), and
(iv), except that payment or acceptance may be delayed without
dishonor until no later than the close of the third business day
of the drawee following the day on which payment or acceptance
is required by those paragraphs.
(d) Dishonor of an accepted draft is governed by the
following rules:
(i) If the draft is payable on demand, the draft is
dishonored if presentment for payment is duly made to the
acceptor and the draft is not paid on the day of presentment;
(ii) If the draft is not payable on demand, the draft
is dishonored if presentment for payment is duly made to the
acceptor and payment is not made on the day it becomes payable
or the day of presentment, whichever is later.
(e) In any case in which presentment is otherwise required
for dishonor under this section and presentment is excused under
section 34.1-3-504, dishonor occurs without presentment if the
instrument is not duly accepted or paid.
(f) If a draft is dishonored because timely acceptance of
the draft was not made and the person entitled to demand
acceptance consents to a late acceptance, from the time of
acceptance the draft is treated as never having been dishonored.