Sec. 42a-3-501. Presentment. - Connecticut Statutes

      Sec. 42a-3-501. Presentment. (a) "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument (i) 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 (ii) to accept a draft made to the drawee.

      (b) The following rules are subject to article 4, agreement of the parties, and clearinghouse rules and the like:

      (1) 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 of two or more makers, acceptors, drawees, or other payors.

      (2) Upon demand of the person to whom presentment is made, the person making presentment must (i) exhibit the instrument, (ii) give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so, and (iii) sign a receipt on the instrument for any payment made or surrender the instrument if full payment is made.

      (3) Without dishonoring the instrument, the party to whom presentment is made may (i) return the instrument for lack of a necessary endorsement, or (ii) 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.

      (4) 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 cutoff hour not earlier than two o'clock p.m. For the receipt and processing of instruments presented for payment or acceptance and presentment is made after the cutoff hour.

      (1959, P.A. 133, S. 3-501; P.A. 91-304, S. 58.)

      History: P.A. 91-304 entirely replaced former provisions re when presentment, notice of dishonor and protest of dishonor is necessary with provisions re presentment, a restatement in part of Sec. 42a-3-504, revised to 1991.

      See Secs. 42a-3-414(b) and 42a-3-502(b)(3) and (4) for successor provisions to Sec. 42a-3-501(1)(a), revised to 1991.

      See Secs. 42a-3-415(a), 42a-3-502(a)(1) and (2), and 42a-3-502(b), (c), (d) and (e) for successor provisions to Sec. 42a-3-501(1)(b), revised to 1991.

      See Secs. 42a-3-414(f) and 42a-3-415(e) for successor provisions to Sec. 42a-3-501(1)(c), revised to 1991.

      See Sec. 42a-3-503(a) for successor provisions to Sec. 42a-3-501(2)(a), revised to 1991, re necessity of notice of dishonor to charge an endorser.

      Annotations to former statutes:

      (1958 Rev., S. 39-71): Presentment is not necessary to charge maker. 13 C. 412; 93 C. 216; 107 C. 271. If no funds are placed at bank where payable, interest runs from maturity, without demand. 80 C. 61. No presentation necessary where notes are owned by bank at which they are payable. 83 C. 332. Presentment necessary to charge endorser except as otherwise provided in N. I. L. 107 C. 271. Presentment of nonnegotiable instrument not necessary to charge endorser. 111 C. 65. If acceleration clause is not self-executing, demand upon maker is necessary to accelerate payment of entire debt. 121 C. 146. Guarantors of demand note become liable to pay the note without demand upon the maker or notice of default. Id., 420. Cited. 144 C. 412.

      Cited. 5 CS 18.

      (1958 Rev., S. 39-90): Effect of endorsement, "notice of protest waived". 65 C. 472. In action against endorser, judgment for defendant on ground that notice of dishonor had not been given him no bar to later action after notice given. 74 C. 456. Bankruptcy of maker before maturity of note as an excuse for not giving notice. 79 C. 453. Failure to give notice of nonpayment of certain installments, no defense in action to recover others. Id., 626; 103 C. 507. Law of state where note is payable governs as to notice requirements; notice may be to all parties or merely to immediate endorser. 87 C. 248; 91 C. 674. Omission of holder to notify endorser of dishonor may be waived by latter; new promise made with knowledge is such a waiver. 94 C. 499. If payment is not made at maturity, note is dishonored even though there is no actual refusal to pay; giving extension after demand for payment as discharge of endorser. 108 C. 492. Where entire note may be accelerated at holder's option if installment is unpaid when due, holder may exercise option within reasonable time, and endorser's liability will be fixed by presentment on day that option is exercised, with due notice of dishonor. 111 C. 571. Notice is condition precedent to endorser's liability, except where sufficient excuse for noncompliance is shown. Id., 631.

      Cited. 5 CS 18.

      (1958 Rev., S. 39-144): When presentment for acceptance required; effect of local usage; what law governs when draft sent to bank out of state for collection; application where seller has attempted to exercise right of stoppage in transitu. 105 C. 37.

      (1958 Rev., S. 39-153): Ordinary meaning of word "protest". 87 C. 248.

      Annotations to present section:

      Cited. 32 CS 178. Cited. 33 CS 182.