Tennessee Statutes
§ 47-4-501 — Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
Tennessee·Title 47
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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Tennessee § 47-4-501 (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.
Related
Memphis Aero Corp. v. First American National Bank
647 S.W.2d 219 (Tennessee Supreme Court, 1983)
Legislative History
Acts 1963, ch. 81, § 1 (4-501); 1995, ch. 397, § 3.
Nearby Sections
15
§ 47-1-101
Short title§ 47-1-102
Scope of chapter§ 47-1-104
Construction against implied repeal§ 47-1-105
Severability§ 47-1-106
Use of singular and plural - Gender§ 47-1-201
General definitions§ 47-1-202
Notice - Knowledge§ 47-1-204
Value§ 47-1-205
Reasonable time - Seasonableness§ 47-1-206
Presumptions§ 47-1-302
Variation by agreement