BlackletterCalifornia law

Commercial Code § 4501

CHAPTER 5. Collection of Documentary Drafts

Current as of September 28, 2026Com. Code, § 4501Official source ↗

Amended by Stats. 1992, Ch. 914, Sec. 47. Effective January 1, 1993.

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.