§ 4501. Handling of documentary drafts; duty to send for presentment and to notify customer of ...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 4501
§ 4501. 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
1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980. Amended 1992, July 9, P.L. 507, No. 97, § 14, effective in one year.
13 Pa.C.S.A. § 4501, PA ST 13 Pa.C.S.A. § 4501
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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