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.
Section: 45.04.501 45.04.502 45.04.503 45.04.504 NextLast modified: November 15, 2016