Source: L. 94: Entire article R&RE, p. 877, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 4-3-604 as it existed prior to 1994.
Section 3-603 replaces former Section 3-604. Subsection (a) generally incorporates the law of tender of payment applicable to simple contracts. Subsections (b) and (c) state particular rules. Subsection (b) replaces former Section 3-604(2). Under subsection (b) refusal of a tender of payment discharges any indorser or accommodation party having a right of recourse against the party making the tender. Subsection (c) replaces former Section 3-604(1) and (3).