If you are using the UCC as your basis of law
I agree with iamfree2. You have to get the stipulation. I have also attached the Fla. S. C. 1883 Case iamfree2 is referring.
This is what Florida Statute says about payment.
You will have to do a search and see what your particular state UCC says but I bet it is something similar along these lines.
http://www.flsenate.gov/Statutes/ind...673/ch0673.htm
673.5031 Notice of dishonor.--
(1) The obligation of an indorser stated in s. 673.4151(1) and the obligation of a drawer stated in s. 673.4141(4) may not be enforced unless:
(a) The indorser or drawer is given notice of dishonor of the instrument complying with this section; or
(b) Notice of dishonor is excused under s. 673.5041(2).
(2) Notice of dishonor may be given by any person; may be given by any commercially reasonable means, including an oral, written, or electronic communication; and is sufficient if it reasonably identifies the instrument and indicates that the instrument has been dishonored or has not been paid or accepted. Return of an instrument given to a bank for collection is sufficient notice of dishonor.
(3) Subject to s. 673.5041(3), with respect to an instrument taken for collection by a collecting bank, notice of dishonor must be given by the bank before midnight of the next banking day following the banking day on which the bank receives notice of dishonor of the instrument or by any other person within 30 days following the day on which the person receives notice of dishonor. With respect to any other instrument, notice of dishonor must be given within 30 days following the day on which dishonor occurs.
http://www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&Search_String=& URL=Ch0673/SEC6031.HTM&Title=->2004->Ch0673->Section%206031#0673.6031
673.6031 Tender of payment.--
(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.