2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 36 - Discharge and Payment
Section 3603 - Tender of payment

     § 3603.  Tender of payment.
        (a)  Applicability of contract law.--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)  Effect of refusal of tender of payment.--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 indorser or accommodation party
     having a right of recourse with respect to the obligation to
     which the tender relates.
        (c)  Obligation to pay interest discharged.--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.