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Can you summarize IACO 554.3603?
UNIFORM COMMERCIAL CODE > Tender of payment.
Short Summary
This legal document pertains to the tender of payment of an obligation to pay an instrument. It states that if tender of payment is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. Additionally, if tender of payment is made to a person entitled to enforce the instrument and the tender is refused, there is discharge of the obligation of an endorser or accommodation party to the extent of the amount of the tender. Furthermore, if tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. It also mentions that if presentment is required and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument.
Whom does it apply to?
Persons entitled to enforce the instrument, obligors
What does it govern?
Tender of payment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa