KRS 355.3-603: 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 reco urse 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.