Also known as: presentment · presentments for payment · demand for payment
Written by attorneys · grounded in primary & secondary sources — see below
A formal demand made by the holder of a negotiable instrument upon the maker or drawee for payment according to its terms.
Select any source to read its text and confirm it supports the definition.
Patrick Phan holds a demand note from Progressive Healthcare. He presents the note to the company for payment on the day it is due. The company refuses to pay. Patrick then sues to enforce the instrument after dishonor.
Peak Performance issues a note payable on demand to Platinum Partners. Platinum presents the note for payment. The maker fails to pay on the day of presentment, triggering dishonor under the UCC.
Paul Peterson signs a demand note payable to Pamela Phillips. Pamela presents the note to Paul for payment on the day it is due. Paul refuses to pay the amount owed.
The holder must make presentment to the maker on the day of presentment. If the maker does not pay on that day, the note is dishonored.
Presentment must be made to the maker on the day payment is due. Failure to pay after due presentment constitutes dishonor under UCC § 3-502.
Under the UCC, unreasonable delay in presentment can discharge indorsers and drawers to the extent they are prejudiced by the delay.