Indiana Statutes
§ 26-1-4-501 — 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.
Formerly: Acts 1963, c.317, s.4-501. As amended by
P.L.222-1993, SEC.42.
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Nearby Sections
15
§ 26-1-1-0.3
Certain security interests considered perfected§ 26-1-1-0.5
Status of certain security interests; conditions; lapsing of perfection;
filing of financing statements§ 26-1-1-101
Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
Remedies to be liberally administered§ 26-1-1-108
Severability