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.
N.C. Gen. Stat. § 25-4-501
Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
Known as the Uniform Commercial Code
The act spans §§ 25–25 (616 sections).
1965, c. 700, s. 1; 1995, c. 232, s. 2.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.