N.Y. UCC Law § 3-506
This is the official text of N.Y. UCC Law § 3-506, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Time Allowed for Acceptance or Payment
Official statutory text
Section 3--506. Time Allowed for Acceptance or Payment.\n (1) Acceptance may be deferred without dishonor until the close of the\nnext business day following presentment. The holder may also in a good\nfaith effort to obtain acceptance and without either dishonor of the\ninstrument or discharge of secondary parties allow postponement of\nacceptance for an additional business day.\n (2) Except as a longer time is allowed in the case of documentary\ndrafts drawn under a letter of credit, and unless an earlier time is\nagreed to by the party to pay, payment of an instrument may be deferred\nwithout dishonor pending reasonable examination to determine whether it\nis properly payable, but payment must be made in any event before the\nclose of business on the day of presentment.\n
Status: in_force · Read it on the official government site
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