Indiana § 26-1-4-501 Handling of documentary drafts; duty to send for presentment and to
notify customer of dishonor

Indiana Statutes

§ 26-1-4-501 — Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor

Indiana § 26-1-4-501

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 4Bank Deposits and Collections

This text of Indiana § 26-1-4-501 (Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-4-501 (2026).

Text

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.
Formerly: Acts 1963, c.317, s.4-501. As amended by
P.L.222-1993, SEC.42.

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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.
Formerly: Acts 1963, c.317, s.4-501. As amended by
P.L.222-1993, SEC.42.