400.3-603. Tender of payment. - Missouri Statutes

Tender of payment.

400.3-603. (a) If tender of payment of an obligation topay an instrument is made to a person entitled to enforce theinstrument, the effect of tender is governed by principles of lawapplicable to tender of payment under a simple contract.

(b) If tender of payment of an obligation to pay aninstrument is made to a person entitled to enforce the instrumentand the tender is refused, there is discharge, to the extent ofthe amount of the tender, of the obligation of an endorser oraccommodation party having a right of recourse with respect tothe obligation to which the tender relates.

(c) If tender of payment of an amount due on an instrumentis made to a person entitled to enforce the instrument, theobligation of the obligor to pay interest after the due date onthe amount tendered is discharged. If presentment is requiredwith respect to an instrument and the obligor is able and readyto pay on the due date at every place of payment stated in theinstrument, the obligor is deemed to have made tender of paymenton the due date to the person entitled to enforce the instrument.

(L. 1992 S.B. 448)

*No continuity with § 400.3-603 as repealed by L. 1992 S.B. 448.