N.Y. UCC Law § 4-501
This is the official text of N.Y. UCC Law § 4-501, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." 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
Section 4--501. Handling of Documentary Drafts; Duty to Send for\n Presentment and to Notify Customer of Dishonor.\n A bank which takes a documentary draft for collection must present or\nsend the draft and accompanying documents for presentment and upon\nlearning that the draft has not been paid or accepted in due course must\nseasonably notify its customer of such fact even though it may have\ndiscounted or bought the draft or extended credit available for\nwithdrawal as of right.\n
Status: in_force · Read it on the official government site
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