Statutes, codes, and regulations
District of Columbia Official Code
Division V - LOCAL BUSINESS AFFAIRSTitle 28 - COMMERCIAL INSTRUMENTS AND TRANSACTIONSSubtitle I - UNIFORM COMMERCIAL CODEArticle 4 - BANK DEPOSITS AND COLLECTIONS
Part 5 - COLLECTION OF DOCUMENTARY DRAFTS
Section 28:4-501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor

D.C. Code § 28:4-501

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Current through codified legislation effective September 18, 2024
Section 28:4-501 - 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.

D.C. Code § 28:4-501

Dec. 30, 1963, 77 Stat. 707, Pub. L. 88-243, § 1; Mar. 23, 1995, D.C. Law 10-249, § 2(e), 42 DCR 467.