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.
Ark. Code Ann. § 4-4-501
Handling of documentary drafts — Duty to send for presentment and to notify customer of dishonor
Known as the Uniform Commercial Code
The act spans §§ 4–4 (597 sections).
Acts 1961, No. 185, § 4-501; A.S.A. 1947, § 85-4-501; Acts 1991, No. 572, § 6.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.