Idaho Code 28-4-501 – Handling of Documentary Drafts — Duty to Send for Presentment and to Notify Customer of Dishonor
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 28-4-501
- Customer: means any 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;
Idaho Code 28-4-104Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 28-8-102) or instructions for uncertificated securities (section 28-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;
Idaho Code 28-4-104Draft: means a draft as defined in section 28-3-104 or an item, other than an instrument, that is an order;
Idaho Code 28-4-104
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 brought the draft or extended credit available for withdrawal as of right.