Source: L. 94: Entire article R&RE, p. 876, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 4-3-510 as it existed prior to 1994.
Protest is no longer mandatory and must be requested by the holder. Even if requested, protest is not a condition to the liability of indorsers or drawers. Protest is a service provided by the banking system to establish that dishonor has occurred. Like other services provided by the banking system, it will be available if market incentives, interbank agreements, or governmental regulations require it, but liabilities of parties no longer rest on it. Protest may be a requirement for liability on international drafts governed by foreign law which this Article cannot affect.