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Old 06-06-2004, 07:31 PM
iamfreeru2 iamfreeru2 is offline
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Join Date: Oct 2004
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Acceptance for value

research1



There is one way to refuse for cause without dishonoring the presentment and therefore remaining in honor. That is under UCC 3-501(3) "Without dishonoring the instrument, the party to whom presentment is made may (i) return the instrument for lack of a necessary indorsement, or (ii) refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other applicable law or rule."



The best is always to remain in honor. A presentment is dishonored whenever you argure (go to war fight) or ignore it (silence). Silence is acceptance by acquiesence. Remaning in honor removes any controversy.



iamfreeru2
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