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.
Cal. Com. Code § 4501
Collection of Documentary Drafts
Known as the Uniform Commercial Code
The act spans §§ 1101–12107 (623 sections).
Amended by Stats. 1992, Ch. 914, Sec. 47
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.