3-505 - Rights of Party to Whom Presentment Is Made. - New York Statutes

Section 3--505. Rights of Party to Whom Presentment Is Made. (1) The party to whom presentment is made may without dishonor require (a) exhibition of the instrument; and (b) reasonable identification of the person making presentment and evidence of his authority to make it if made for another; and (c) that the instrument be produced for acceptance or payment at a place specified in it, or if there be none at any place reasonable in the circumstances; and (d) a signed receipt on the instrument for any partial or full payment and its surrender upon full payment. (2) Failure to comply with any such requirement invalidates the presentment but the person presenting has a reasonable time in which to comply and the time for acceptance or payment runs from the time of compliance.