Kentucky Statutes 355.2-511 – Tender of payment by buyer — Payment by check
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(1) Unless otherwise agreed tender of payment is a condition to the seller‘s duty to tender and complete any delivery.
(2) Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.
(3) Subject to the provisions of this chapter on the effect of an instrument on an obligation (KRS 355.3-310), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.
Effective: January 1, 1997
History: Amended 1996 Ky. Acts ch. 130, sec. 69, effective January 1, 1997 — Created
1958 Ky. Acts ch. 77, sec. 2-511, effective July 1, 1960.
(2) Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.
Terms Used In Kentucky Statutes 355.2-511
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Seller: means a person who sells or contracts to sell goods. See Kentucky Statutes 355.2-103
(3) Subject to the provisions of this chapter on the effect of an instrument on an obligation (KRS 355.3-310), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.
Effective: January 1, 1997
History: Amended 1996 Ky. Acts ch. 130, sec. 69, effective January 1, 1997 — Created
1958 Ky. Acts ch. 77, sec. 2-511, effective July 1, 1960.