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2017 Alaska Statutes
Title 45. Trade and Commerce
Chapter 04. Bank Deposits and Collections
Article 5. Collection of Documentary Drafts
Sec. 45.04.501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.
Universal Citation: AK Stat § 45.04.501 (2017)
A bank that 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 this fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.
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