554.3603 Tender of payment. 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 totender 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 theamount of the tender, of the obligation of an endorser or accommodation party having a rightof 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 onthe amount tendered is discharged. If presentment is required with respect to an instrumentand the obligor is able and ready to pay on the due date at every place of payment stated inthe instrument, the obligor is deemed to have made tender of payment on the due date to theperson entitled to enforce the instrument. 94 Acts, ch 1167, §75, 121, 122 Sat Dec 23 01:57:09 2023 Iowa Code 2024, Section 554.3603 (24, 0)
Iowa Legal Code