U.C.C. - ARTICLE 4 -§4-501.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-501. HANDLING OF DOCUMENTARY DRAFTS; DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY CUSTOMER OF DISHONOR.

A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.

previous section | next section
overview
notes

© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS ..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-501. HANDLING OF DOCUMENTARY DRAFTS; DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY CUSTOMER OF DISHONOR.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS