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Code · Oklahoma · Title 12A — Uniform Commercial Code

§12A-4-501. Handling of Documentary Drafts; Duty to Send for

100 words·~1 min read·/ok/title-12a-uniform-commercial-code/12a-4-501·

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Presentment and to Notify Customer of Dishonor.
HANDLING OF DOCUMENTARY DRAFTS; DUTY TO SEND FOR PRESENTMENT
AND TO NOTIFY CUSTOMER OF DISHONOR
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. Laws 1961, p. 131, § 4-501; Laws 1991, c. 117, § 130, eff. Jan. 1, 1992.
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