New Jersey Statutes - Title 12A Commercial Transactions - 12A:4-501 Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
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New Jersey Laws > Commercial Transactions > New Jersey Statutes - Title 12A Commercial Transactions - 12A:4-501 Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
12A: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 bought the draft or extended credit available for withdrawal as of right.
L.1995,c.28,s.2.
Sections: 4-401 4-402 4-403 4-404 4-405 4-406 4-407 4-501 4-502 4-503 4-504 4a-101 4a-102 4a-103 4a-104
Last modified: February 13, 2012
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