§490:4-212 Presentment by notice of item not payable by, through, or at a bank; liability of drawer or indorser. (a) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and the bank must meet any requirement of the party to accept or pay under section 490:3-501 by the close of the bank's next banking day after it knows of the requirement.
(b) If presentment is made by notice and payment, acceptance, or request for compliance with a requirement under section 490:3-501 is not received by the close of business on the day after maturity or, in the case of demand items, by the close of business on the third banking day after notice was sent, the presenting bank may treat the item as dishonored and charge any drawer or indorser by sending it notice of the facts. [L 1965, c 208, §4-210; HRS §490:4-210; am and ren L 1991, c 118, pt of §4]
Section: Previous 490-4-205 490-4-206 490-4-207 490-4-208 490-4-209 490-4-210 490-4-211 490-4-212 490-4-213 490-4-214 490-4-215 490-4-216 490-4-301 490-4-302 490-4-303 NextLast modified: October 27, 2016