§ 25-4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.
Part 5.
COLLECTION OF DOCUMENTARY DRAFTS.
§ 25‑4‑501. Handling of documentary drafts; duty to send for presentment and to notifycustomer of dishonor.
A bank that takes adocumentary draft for collection shall present or send the draft andaccompanying documents for presentment, and upon learning that the draft hasnot been paid or accepted in due course, shall seasonably notify its customerof the fact even though it may have discounted or bought the draft or extendedcredit available for withdrawal as of right. (1965, c. 700, s. 1; 1995, c.232, s. 2.)