(810 ILCS 5/3-603) (from Ch. 26, par. 3-603)
Sec. 3-603.
Tender of payment.
(a) 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.
(b) 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.
(c) If tender of payment of an amount due on an instrument is made to
the 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.
(Source: P.A. 87-582.)
|