Commercial Code section 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.

Source: Section 4501, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=4501. (accessed Apr. 24, 2025).

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Last Updated

Apr. 24, 2025

§ 4501’s source at ca.gov

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Location: https://california.public.law/codes/commercial_code_section_4501

Original Source: Section 4501, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=4501. (last accessed Apr. 24, 2025).