Alaska Statutes 45.04.501 – Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
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Terms Used In Alaska Statutes 45.04.501
- 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 Alaska Statutes 45.04.104
- documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities under Alaska Stat. See Alaska Statutes 45.04.104
- draft: means a draft as defined in Alaska Stat. See Alaska Statutes 45.04.104
A bank that takes a documentary draft for collection must 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, must seasonably notify its customer of this fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.