Idaho Code § 28-4-501
This is the official text of Idaho Code § 28-4-501, part of Idaho’s Code — part of the compiled statutory law of Idaho, published by the state as "Code." Browse the sections below, each linked to its official government source.
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28-4-501 HANDLING OF DOCUMENTARY DRAFTS — DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY CUSTOMER OF DISHONOR.
Official statutory text
PART 5.
COLLECTION OF DOCUMENTARY DRAFTS
28-4-501. 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 brought the draft or extended credit available for withdrawal as of right.
History:
[28-4-501, added 1967, ch. 161, sec. 4-501, p. 351; am. 1993, ch. 288, sec. 42, p. 1073.]
COLLECTION OF DOCUMENTARY DRAFTS
28-4-501. 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 brought the draft or extended credit available for withdrawal as of right.
History:
[28-4-501, added 1967, ch. 161, sec. 4-501, p. 351; am. 1993, ch. 288, sec. 42, p. 1073.]
Status: in_force · Read it on the official government site
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