§ 25-3-603. Tender of payment. - North Carolina Statutes

§25‑3‑603.  Tender of payment.

(a)        If tender ofpayment of an obligation to pay an instrument is made to a person entitled toenforce the instrument, the effect of tender is governed by principles of lawapplicable to tender of payment under a simple contract.

(b)        If tender ofpayment of an obligation to pay an instrument is made to a person entitled toenforce the instrument and the tender is refused, there is discharge, to theextent of the amount of the tender, of the obligation of an indorser or accommodationparty having a right of recourse with respect to the obligation to which thetender relates.

(c)        If tender ofpayment of an amount due on an instrument is made to a person entitled toenforce the instrument, the obligation of the obligor to pay interest after thedue date on the amount tendered is discharged. If presentment is required withrespect to an instrument and the obligor is able and ready to pay on the duedate at every place of payment stated in the instrument, the obligor is deemedto have made tender of payment on the due date to the person entitled toenforce the instrument. (1899, c. 733, ss. 70, 120; Rev., ss. 2219, 2270;C.S., ss. 3051, 3102; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)