Ind. Code § 26-1-4-501
This is the official text of Ind. Code § 26-1-4-501, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
Official statutory text
Sec. 501. 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.
Formerly: Acts 1963, c.317, s.4-501. As amended by P.L.222-1993, SEC.42.
Formerly: Acts 1963, c.317, s.4-501. As amended by P.L.222-1993, SEC.42.
Status: in_force · Read it on the official government site
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