§ 34.1-3-503 — Notice of dishonor

(a) The obligation of an indorser stated in section
34.1-3-415(a) and the obligation of a drawer stated in section
34.1-3-414(d) may not be enforced unless (1) the indorser or
drawer is given notice of dishonor of the instrument complying
with this section or (2) notice of dishonor is excused under
section 34.1-3-504(b).
(b) Notice of dishonor may be given by any person; may be
given by any commercially reasonable means, including an oral,
written, or electronic communication; and is sufficient if it
reasonably identifies the instrument and indicates that the
instrument has been dishonored or has not been paid or accepted.
Return of an instrument given to a bank for collection is
sufficient notice of dishonor.
(c) Subject to section 34.1-3-504(c), with respect to an
instrument taken for collection by a collecting bank, notice of
dishonor must be given (1) by the bank before midnight of the
next banking day following the banking day on which the bank
receives notice of dishonor of the instrument, or (2) by any
other person within thirty (30) days following the day on which
the person receives notice of dishonor. With respect to any
other instrument, notice of dishonor must be given within thirty
(30) days following the day on which dishonor occurs.