8.3A-603 - A-603. Tender of payment. - Virginia Statutes

§ 8.3A-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 governedby principles of law applicable to tender of payment under a simple contract.

(b) If tender of payment of an obligation to pay an instrument is made to aperson entitled to enforce the instrument and the tender is refused, there isdischarge, to the extent of the amount of the tender, of the obligation of anendorser or accommodation party having a right of recourse with respect tothe obligation to which the tender relates.

(c) If tender of payment of an amount due on an instrument is made to aperson entitled to enforce the instrument, the obligation of the obligor topay interest after the due date on the amount tendered is discharged. Ifpresentment is required with respect to an instrument and the obligor is ableand 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 duedate to the person entitled to enforce the instrument.

(Code 1950, §§ 6-423, 6-473; 1964, c. 219, § 8.3-604; 1992, c. 693.)