N.Y. Uniform Commercial Code Law Section 4-501
Handling of Documentary Drafts

  • Duty to Send for Presentment and to Notify Customer of Dishonor
Section 4--501. Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor. A bank which 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 such fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.

Source: Section 4-501 — Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor, https://www.­nysenate.­gov/legislation/laws/UCC/4-501 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 4-501’s source at nysenate​.gov

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