New York § 4-501 Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor

New York Statutes

§ 4-501 — Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor

New York·Law UCC Uniform Commercial Code·Part 5 Collection of Documentary Drafts·Art. 4 Bank Deposits and Collections

Section 4--501. Handling of Documentary Drafts; Duty to Send for\n                  Presentment and to Notify Customer of Dishonor.\n  A bank which takes a documentary draft for collection must present or\nsend the draft and accompanying documents for presentment and upon\nlearning that the draft has not been paid or accepted in due course must\nseasonably notify its customer of such fact even though it may have\ndiscounted or bought the draft or extended credit available for\nwithdrawal as of right.\n

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Section 4--501. Handling of Documentary Drafts; Duty to Send for\n Presentment and to Notify Customer of Dishonor.\n A bank which takes a documentary draft for collection must present or\nsend the draft and accompanying documents for presentment and upon\nlearning that the draft has not been paid or accepted in due course must\nseasonably notify its customer of such fact even though it may have\ndiscounted or bought the draft or extended credit available for\nwithdrawal as of right.\n

New York § 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.