§ 25-3-501. Presentment. - North Carolina Statutes

Part 5.

DISHONOR.

§ 25‑3‑501. Presentment.

(a)        "Presentment"means a demand made by or on behalf of a person entitled to enforce aninstrument (i) to pay the instrument made to the drawee or a party obliged topay the instrument or, in the case of a note or accepted draft payable at abank, to the bank, or (ii) to accept a draft made to the drawee.

(b)        The following rulesare subject to Article 4, agreement of the parties, and clearing‑houserules and the like:

(1)        Presentment may bemade at the place of payment of the instrument and must be made at the place ofpayment if the instrument is payable at a bank in the United States; may bemade by any commercially reasonable means, including an oral, written, orelectronic communication; is effective when the demand for payment oracceptance is received by the person to whom presentment is made; and iseffective if made to any one of two or more makers, acceptors, drawees, orother payors.

(2)        Upon demand of theperson to whom presentment is made, the person making presentment must (i)exhibit the instrument, (ii) give reasonable identification and, if presentmentis 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 surrenderthe instrument if full payment is made.

(3)        Without dishonoringthe instrument, the party to whom presentment is made may (i) return theinstrument for lack of a necessary indorsement, or (ii) refuse payment oracceptance for failure of the presentment to comply with the terms of theinstrument, an agreement of the parties, or other applicable law or rule.

(4)        The party to whompresentment is made may treat presentment as occurring on the next business dayafter the day of presentment if the party to whom presentment is made hasestablished a cutoff hour not earlier than 2:00 p.m. for the receipt andprocessing of instruments presented for payment or acceptance and presentmentis made after the cutoff hour. (1899, c. 733, ss. 72 to 74,77, 78, 83, 145, 149; Rev., ss. 2221 to 2223, 2226, 2227, 2232, 2295, 2299;C.S., ss. 3053 to 3055,  3058, 3059, 3064, 3127, 3131; 1963, c. 242; 1965, c.700, s. 1; 1995, c. 232, s. 1.)