§ 4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of...
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 4-501
§ 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 bought the draft or extended credit available for withdrawal as of right.
Credits
Added by Acts 1975, c. 49, § 2, eff. July 1, 1975. Amended by Acts 1996, c. 91, § 2, eff. Jan. 1, 1997.
Formerly Art. 95B, § 4-501.
MD Code, Commercial Law, § 4-501, MD COML § 4-501
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
| End of Document |