California Commercial Code

§ 4501

COM § 4501 Effective Jan 1, 1993Div. 4 · Ch. 5

Statute text

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.

Legislative history

Amended by Stats. 1992, Ch. 914, Sec. 47. Effective January 1, 1993.