Wisconsin Statutes 404.501 – Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 404.501
- Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Wisconsin Statutes 404.104
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities or instructions for uncertificated securities, or other certificates, statements or the like are to be received by the drawee or other payer before acceptance or payment of the draft. See Wisconsin Statutes 404.104
- Draft: means a draft as defined in…. See Wisconsin Statutes 404.104
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.