§ 6A-3-603 - Tender of payment. - Rhode Island Statutes

SECTION 6A-3-603

   § 6A-3-603  Tender of payment. – (a) If tender of payment of an obligation to pay an instrument is made to aperson entitled to enforce the instrument, the effect of tender is governed byprinciples of law applicable 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 instrument and thetender is refused, there is discharge, to the extent of the amount of thetender, of the obligation of an indorser or accommodation party having a rightof recourse with respect to the obligation to which the tender relates.

   (c) If tender of payment of an amount due on an instrument ismade to a person entitled to enforce the instrument, the obligation of theobligor to pay interest after the due date on the amount tendered isdischarged. If presentment is required with respect to an instrument and theobligor is able and ready to pay on the due date at every place of paymentstated in the instrument, the obligor is deemed to have made tender of paymenton the due date to the person entitled to enforce the instrument.