§ 34.1-4-501 — 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 brought
[bought] the draft or extended credit available for withdrawal
as of right.