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2022 Iowa Code
Title XIII - COMMERCE
Chapter 554 - UNIFORM COMMERCIAL CODE
Section 554.4501 - Handling of documentary drafts — duty to send for presentment and to notify customer of dishonor.
Universal Citation: IA Code § 554.4501 (2022)
554.4501 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.
[C66, 71, 73, 75, 77, 79, 81, §554.4501]
94 Acts, ch 1167, §113, 122
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