Statutes, codes, and regulations
Arkansas Code of 1987
Title 4 - BUSINESS AND COMMERCIAL LAWSubtitle 1 - UNIFORM COMMERCIAL CODEChapter 4 - BANK DEPOSITS AND COLLECTIONS
Part 5 - COLLECTION OF DOCUMENTARY DRAFTS
Section 4-4-501 - Handling of documentary drafts - Duty to send for presentment and to notify customer of dishonor

Ark. Code § 4-4-501

Download
PDF
Current with legislation from 2024 Fiscal and Special Sessions.
Section 4-4-501 - 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.

Ark. Code § 4-4-501

Acts 1961, No. 185, § 4-501; A.S.A. 1947, § 85-4-501; Acts 1991, No. 572, § 6.