Vermont § 603 - § 3—603.

§ 603. § 3—603.

• Tender of payment (a) 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. (b) 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. (c) 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. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)