Maine Revised Statutes
Part 5: COLLECTION OF DOCUMENTARY DRAFTS
11 §4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor

§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.   [PL 1993, c. 293, Pt. B, §45 (AMD).]
SECTION HISTORY
PL 1993, c. 293, §B45 (AMD).

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Structure Maine Revised Statutes

Maine Revised Statutes

TITLE 11: UNIFORM COMMERCIAL CODE

Article 4: BANK DEPOSITS AND COLLECTIONS

Part 5: COLLECTION OF DOCUMENTARY DRAFTS

11 §4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor

11 §4-502. Presentment of "on arrival" drafts

11 §4-503. Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need

11 §4-504. Privilege of presenting bank to deal with goods; security interest for expenses