Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 4-501 — Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor
N.Y. U.C.C. Law § 4-501
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 4--501. Handling of Documentary Drafts; Duty to Send for
Citator
N.Y. U.C.C. Law § 4-501 — Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor is in force in the current edition of the Code, and nothing recorded condemns it.
Section 4--501. Handling of Documentary Drafts; Duty to Send for
Presentment and to Notify Customer of Dishonor.
A bank which 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 such fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.