Tender of Payment

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Negotiable Instruments
  5. Discharge and Payment
  6. Tender of Payment

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  1. If tender of payment of an obligation to pay an instrument 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.
  2. If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with 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 entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument 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.

(Code 1981, §11-3-603, enacted by Ga. L. 1996, p. 1306, § 3.)

Law reviews.

- For article surveying developments in Georgia commercial law from mid-1980 through mid-1981, see 33 Mercer L. Rev. 33 (1981).

RESEARCH REFERENCES

Am. Jur. 2d.

- 11 Am. Jur. 2d, Bills and Notes, §§ 316, 324 et seq., 422. 68A Am. Jur. 2d, Secured Transactions, § 569.

C.J.S.

- 10 C.J.S., Bills and Notes, § 234. 20 C.J.S., Costs, § 39 et seq. 47 C.J.S., Interest, §§ 61-63. 86 C.J.S., Tender, § 42 et seq.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 3-603.

ALR.

- Is actual tender excused by inability of other party to produce paper or other thing to be surrendered as condition of tender, 14 A.L.R. 1120.

Renewal of bill or note as precluding defenses available against the original, 41 A.L.R. 963.

Surrender of commercial paper received as conditional payment as condition to recovery on original obligation, 85 A.L.R. 1057.


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