§ 4–501
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 4-501 (2026)
Title 4. Bank Deposits and Collections
Subtitle 5. Collection of Documentary Drafts
§ 4–501LinkCopy Citation
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.