2006 New York Code - Depositary And Collecting Banks

 
  Section 4--210. Presentment by Notice of Item Not Payable by, Through or
                    at a Bank; Liability of Secondary Parties.
    (1) Unless otherwise instructed, a collecting bank may present an item
  not  payable  by, through or at a bank by sending to the party to accept
  or pay a written notice that the bank holds the item for  acceptance  or
  payment. The notice must be sent in time to be received on or before the
  day  when  presentment  is due and the bank must meet any requirement of
  the party to accept or pay under Section 3--505  by  the  close  of  the
  bank's next banking day after it knows of the requirement.
    (2)  Where presentment is made by notice and neither honor nor request
  for compliance with a requirement under Section 3--505  is  received  by
  the close of business on the day after maturity or in the case of demand
  items by the close of business on the third banking day after notice was
  sent,  the  presenting  bank may treat the item as dishonored and charge
  any secondary party by sending him notice of the facts.