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 § 4-501

Law UCCUniform Commercial Code

Part 5Collection of Documentary Drafts

Art. 4Bank Deposits and Collections

This text of New York § 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 New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 4-501 (2026).

Text

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