70A-4-501 - Handling of documentary drafts -- Duty to send for presentment and to notify customer of dishonor.
70A-4-501. Handling of documentary drafts -- Duty to send for presentment and tonotify customer of dishonor.
A bank that takes a documentary draft for collection shall present or send the draft andaccompanying documents for presentment and, upon learning that the draft has not been paid oraccepted in due course, shall seasonably notify its customer of the fact even though it may havediscounted or bought the draft or extended credit available for withdrawal as of right.
Amended by Chapter 237, 1993 General Session