Ark. Code Ann. » Title 4 Chapter 03
Arkansas Code Annotated

Ark. Code Ann. § 4-3-603 (2020)

Tender of payment

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
Find cases: SyfertCases citing this section JustiaArk. Code CornellLII Search CasesGoogle Scholar
  1. 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.
  2. 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.
  3. 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. Acts 1991, No. 572, § 5.

Cross References. Payment due on holiday, § 1-5-105.

Case Notes

Inconsistencies of Payments.

Finding against the relatives in an action stemming from the relatives' default on a promissory note and security agreement previously executed was proper, in part because, as to the alleged tender of the remainder of the payments, there was no testimony as to exactly what amounts were tendered or when. Given the inconsistencies of the actual payments that were paid and received, which the relatives did not dispute, the appellate court did not assume that all of the full payments were actually tendered in a timely fashion. Housley v. Hensley, 100 Ark. App. 118, 265 S.W.3d 136 (2007).

Subsequent Liability.

Tender of amount due on note secured by a mortgage, which was wrongfully refused, discharged mortgagor from further interest accrual and attorneys' fees. First State Bank v. Gamble, 14 Ark. App. 53, 685 S.W.2d 173 (1985) (decision under prior law).

Notes of Decisions
Cited in 1 case, 2007–2007 · leading case: Housley v. Hensley, 265 S.W.3d 136 (Ark. Ct. App. 2007).
Sort: Relevance Newest Treatment
Housley v. Hensley, 265 S.W.3d 136 (Ark. Ct. App. 2007). “(b) If tender of payment of an obligation to pay an instrument is made to a person entided 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…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.