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Can you summarize NHRS 382-A:3-603?
UNIFORM COMMERCIAL CODE > Tender of Payment.
Short Summary
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the concept of tender of payment. It states that if payment of an obligation to pay an instrument is tendered to a person entitled to enforce the instrument, the principles of law applicable to tender of payment under a simple contract apply. Additionally, if payment is tendered and refused, the obligation of an indorser or accommodation party with a right of recourse is discharged to the extent of the tendered amount. Furthermore, if payment of an amount due on an instrument is tendered to a person entitled to enforce the instrument, the obligor’s obligation to pay interest after the due date on the amount tendered is discharged. The document 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 an 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
New Hampshire