Sec. 4501.
A bank which takes a documentary draft for collection must 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 must seasonably notify its customer of such fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.
History: 1962, Act 174, Eff. Jan. 1, 1964
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 4 - Bank Deposits and Collections (440.4101...440.4504)
174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)
Section 440.4501 - Documentary Draft; Presentment, Notice of Dishonor.
Section 440.4504 - Documentary Draft; Presenting Bank's Right to Deal With Goods; Lien for Expenses.