California Commercial Code

§ 3502

COM § 3502 Effective Jan 1, 1993Div. 3 · Ch. 5

Statute text

(a)Dishonor of a note is governed by the following rules:

(1)If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment.

(2)If the note is not payable on demand and is payable at or through a bank or the terms of the note require presentment, the note is dishonored if presentment is duly made and the note is not paid on the day it becomes payable or the day of presentment, whichever is later.

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Legislative history

Repealed and added by Stats. 1992, Ch. 914, Sec. 6. Effective January 1, 1993.