Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 4. · Article 4. BANK DEPOSITS AND COLLECTIONS · Part 5. COLLECTION OF DOCUMENTARY DRAFTS

11-4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

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.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1933, § 109A-4-501, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 537; merge action: carried; file SHA-256 ad397fccbf21.