Section 45.04.501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

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A bank that takes a documentary draft for collection must 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, must seasonably notify its customer of this fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.

Notes

History

(Sec. 4.501 ch 114 SLA 1962)

                    
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