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2016 California Code
Commercial Code - COM
DIVISION 4 - BANK DEPOSITS AND COLLECTIONS
CHAPTER 5 - Collection of Documentary Drafts
Section 4501.

CA Com Code § 4501 (2016) What's This?

4501. 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.

(Amended by Stats. 1992, Ch. 914, Sec. 47. Effective January 1, 1993.)

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