                                 CODE OF VIRGINIA

TENDER OF PAYMENT (§ 8.3A-603)

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.

HISTORY: Code 1950, §§ 6-423, 6-473; 1964, c. 219, § 8.3-604; 1992, c. 693.