Illinois Statutes
§ 4-501
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Part 5 - Collection Of Documentary Drafts
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.
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Legislative History
(Source: P.A. 87-1135.)
Nearby Sections
15
§ 4-101
Short title§ 4-102
Applicability§ 4-103
§ 4-103§ 4-105
§ 4-105§ 4-107
Separate office of bank§ 4-108
Time of receipt of items§ 4-109
Delays§ 4-110
Electronic presentment§ 4-111
Statute of limitations§ 4-201
§ 4-201§ 4-203
Effect of instructions§ 4-204
§ 4-204