§ 6A-4-501 - Handling of documentary drafts – Duty to send for presentment and to notify customer of dishonor. - Rhode Island Statutes

SECTION 6A-4-501

   § 6A-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 thedraft and accompanying documents for presentment and, upon learning that thedraft has not been paid or accepted in due course, shall seasonably notify itscustomer of the fact even though it may have discounted or bought the draft orextended credit available for withdrawal as of right.