400.3-501. Presentment.

MISSOURI STATUTES AND CODES

Presentment.

400.3-501. (a) "Presentment" means a demand made by or onbehalf of a person entitled to enforce an instrument (i) to paythe instrument made to the drawee or a party obliged to pay theinstrument or, in the case of a note or accepted draft payable ata bank, to the bank, or (ii) to accept a draft made to thedrawee.

(b) The following rules are subject to Article 4, agreementof the parties, and clearing-house rules and the like:

(1) Presentment may be made at the place of payment of theinstrument and must be made at the place of payment if theinstrument is payable at a bank in the United States; may be madeby any commercially reasonable means, including an oral, written,or electronic communication; is effective when the demand forpayment or acceptance is received by the person to whompresentment is made; and is effective if made to any one of twoor 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 madeon behalf of another person, reasonable evidence of authority todo so, and (iii) sign a receipt on the instrument for any paymentmade or surrender the instrument if full payment is made.

(3) Without dishonoring the instrument, the party to whompresentment is made may (i) return the instrument for lack of anecessary endorsement, or (ii) refuse payment or acceptance forfailure of the presentment to comply with the terms of theinstrument, an agreement of the parties, or other applicable lawor rule.

(4) The party to whom presentment is made may treatpresentment as occurring on the next business day after the dayof presentment if the party to whom presentment is made hasestablished a cut-off hour not earlier than 2 p.m. for thereceipt and processing of instruments presented for payment oracceptance and presentment is made after the cut-off hour.