§ 34.1-3-603 — Tender of payment

(a) If tender of payment of an obligation to pay an
instrument is made to a person entitled to enforce the
instrument, the effect of tender is governed by principles of
law applicable to tender of payment under a simple contract.
(b) If tender of payment of an obligation to pay an
instrument is made to a person entitled to enforce the
instrument and the tender is refused, there is discharge, to the
extent of the amount of the tender, of the obligation of an
indorser or accommodation party having a right of recourse with
respect to the obligation to which the tender relates.
(c) If tender of payment of an amount due on an instrument
is made to a person entitled to enforce the instrument, the
obligation of the obligor to pay interest after the due date on
the amount tendered is discharged. If presentment is required
with respect to an instrument and the obligor is able and ready
to pay on the due date at every place of payment stated in the
instrument, the obligor is deemed to have made tender of payment
on the due date to the person entitled to enforce the
instrument.