N.Y. U.C.C. 4-501

Section 4--501. Handling of Documentary Drafts; Duty to Send for\n Presentment and to Notify Customer of Dishonor.\n A bank which takes a documentary draft for collection must present or\nsend the draft and accompanying documents for presentment and upon\nlearning that the draft has not been paid or accepted in due course must\nseasonably notify its customer of such fact even though it may have\ndiscounted or bought the draft or extended credit available for\nwithdrawal as of right.\n