Montana Code 30-3-504. Presentment
30-3-504. Presentment. (1) “Presentment” means a demand:
Terms Used In Montana Code 30-3-504
- Acceptor: means a drawee that has accepted a draft. See Montana Code 30-3-102
- Drawee: means a person ordered in a draft to make payment. See Montana Code 30-3-102
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
- Party: means party to an instrument. See Montana Code 30-3-102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)to pay an instrument made to the maker, drawee, or acceptor or, in the case of a note of accepted draft payable at a bank, to the bank; or
(b)to accept a draft made to the drawee by a person entitled to enforce the instrument.
(2)Subject to chapter 4, agreement of the parties, 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; may be made by any commercially reasonable means, including an oral, written, or electronic communication; is effective when the demand for payment or acceptance is received by the person to whom presentment is made; is effective if made to any one of two or more makers, acceptors, drawees, or other payors; and
(b)without dishonoring the instrument, the party to whom presentment is made may:
(i)treat presentment as occurring on the next business day after the day of presentment if the party to whom presentment is made has established a cutoff hour not earlier than 2 p.m. for the receipt and processing of instruments presented for payment or acceptance and presentment is made after the cutoff hour;
(ii)require exhibition of the instrument;
(iii)require reasonable identification of the person making presentment and evidence of authority to make it if made on behalf of another person;
(iv)require a signed receipt on the instrument for any payment made or surrender of the instrument if full payment is made;
(v)return the instrument for lack of a necessary indorsement; or
(vi)refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other law or applicable rule.