70A-3-603 - Tender of payment. - Utah Statutes

70A-3-603. Tender of payment.
(1) If tender of payment of an obligation to pay an instrument is made to a person entitledto enforce the instrument, the effect of tender is governed by principles of law applicable totender of payment under a simple contract.
(2) If tender of payment of an obligation to pay an instrument is made to a person entitledto enforce the instrument and the tender is refused, there is discharge, to the extent of the amountof the tender, of the obligation of an indorser or accommodation party having a right of recoursewith respect to the obligation to which the tender relates.
(3) If tender of payment of an amount due on an instrument is made to a person entitledto enforce the instrument, the obligation of the obligor to pay interest after the due date on theamount tendered is discharged. 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 payment stated in theinstrument, the obligor is deemed to have made tender of payment on the due date to the personentitled to enforce the instrument.

Repealed and Re-enacted by Chapter 237, 1993 General Session