4501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor. - Pennsylvania Statutes

CHAPTER 45 COLLECTION OF DOCUMENTARY DRAFTS Sec. 4501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor. 4502. Presentment of "on arrival" drafts. 4503. Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need. 4504. Privilege of presenting bank to deal with goods; security interest for expenses. Enactment. Chapter 45 was added November 1, 1979, P.L.255, No.86, effective January 1, 1980. § 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. (July 9, 1992, P.L.507, No.97, eff. one year)