- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 603. Tender of Payment.
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. Discharge By Cancellation or Renunciation.
AS 45.03.603. 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 endorser
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 a 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.
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