§ 554.3501

554.3501 Presentment. 1. 'Presentment' means a demand made by or on behalf of a person entitled to enforce an instrument: a. to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank; or b. to accept a draft made to the drawee.2. The following rules are subject to Article 4, agreement of the parties, and clearing-house rules and the like: a. Presentment may be made at the place of payment of the instrument and must be made at the place of payment if the instrument is payable at a bank in the United States; maybe made by any commercially reasonable means, including an oral, written, or electroniccommunication; is effective when the demand for payment or acceptance is received by theperson to whom presentment is made; and is effective if made to any one of two or moremakers, acceptors, drawees, or other payors. b. Upon demand of the person to whom presentment is made, the person making presentment must exhibit the instrument; give reasonable identification and, if presentmentis made on behalf of another person, reasonable evidence of authority to do so; and sign areceipt on the

ing presentment must exhibit the instrument; give reasonable identification and, if presentmentis made on behalf of another person, reasonable evidence of authority to do so; and sign areceipt on the instrument for any payment made or surrender the instrument if full paymentis made. c. Without dishonoring the instrument, the party to whom presentment is made may return the instrument for lack of a necessary endorsement, or refuse payment or acceptancefor failure of the presentment to comply with the terms of the instrument, an agreement ofthe parties, or other applicable law or rule. d. The party to whom presentment is made may treat presentment as occurring on the next business day after the day of presentment if the party to whom presentment is madehas established a cut-off hour not earlier than 2:00 p.m. for the receipt and processing ofinstruments presented for payment or acceptance and presentment is made after the cut-offhour. 94 Acts, ch 1167, §68, 121, 122; 2013 Acts, ch 30, §148, 149; 2015 Acts, ch 29, §100Referred to in §554.3103, 554.4104, 554.4212 Sat Dec 23 01:57:02 2023 Iowa Code 2024, Section 554.3501 (26, 0)