N.Y. Uniform Commercial Code 3-505 – Rights of Party to Whom Presentment Is Made
Section 3–505. Rights of Party to Whom Presentment Is Made.
Terms Used In N.Y. Uniform Commercial Code 3-505
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
(1) The party to whom presentment is made may without dishonor require
(a) exhibition of the instrument; and
(b) reasonable identification of the person making presentment
and evidence of his authority to make it if made for another;
and
(c) that the instrument be produced for acceptance or payment at
a place specified in it, or if there be none at any place
reasonable in the circumstances; and
(d) a signed receipt on the instrument for any partial or full
payment and its surrender upon full payment.
(2) Failure to comply with any such requirement invalidates the presentment but the person presenting has a reasonable time in which to comply and the time for acceptance or payment runs from the time of compliance.