Alabama Statutes
§ 7-4-501 — Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor
Alabama·Title 7 Commercial Code·Art. 4 Bank Deposits and Collections·Part 5 Collection of Documentary Drafts
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.
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Alabama § 7-4-501 (Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §2; added by Acts 1995, No. 95-668, p. 1381, §2.)
Nearby Sections
15
§ 7-1-101
Short Titles§ 7-1-102
Scope of Article§ 7-1-104
Construction Against Implied Repeal§ 7-1-105
Severability§ 7-1-106
Use of Singular and Plural; Gender§ 7-1-107
Section Captions§ 7-1-109
Section Captions§ 7-1-201
General Definitions§ 7-1-202
Notice; Knowledge§ 7-1-204
Value§ 7-1-205
Reasonable Time; Seasonableness§ 7-1-206
Presumptions