§ 6A-3-501 - Presentment. - Rhode Island Statutes

SECTION 6A-3-501

   § 6A-3-501  Presentment. – (a) "Presentment" means a demand made by or on behalf of a person entitled toenforce an instrument (i) to pay the instrument made to the drawee or a partyobliged to pay the instrument or, in the case of a note or accepted draftpayable at a bank, to the bank, or (ii) to accept a draft made to the drawee.

   (b) The following rules are subject to chapter 4 of thistitle, agreement of 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 the instrument ispayable at a bank in the United States; may be made by any commerciallyreasonable means, including an oral, written, or electronic communication; iseffective when the demand for payment or acceptance is received by the personto whom presentment is made; and is effective if made to any one of two or moremakers, 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) givereasonable identification and, if presentment is made on behalf of anotherperson, reasonable evidence of authority to do so, and (iii) sign a receipt onthe instrument for any payment made or surrender the instrument if full paymentis made.

   (3) Without dishonoring the instrument, the party to whompresentment is made may (i) return the instrument for lack of a necessaryindorsement, or (ii) refuse payment or acceptance for failure of thepresentment to comply with the terms of the instrument, an agreement of theparties, or other applicable law or rule.

   (4) The party to whom presentment is made may treatpresentment as occurring on the next business day after the day of presentmentif the party to whom presentment is made has established a cut-off hour notearlier than two P.M. (2 P.M.) for the receipt and processing of instrumentspresented for payment or acceptance and presentment is made after the cut-offhour.