Utah Code > Title 70A > Chapter 4 > Part 5 – Collection of Documentary Drafts


§ 70A-4-501	Handling of documentary drafts — Duty to send for presentment and to notify customer of dishonor
§ 70A-4-502	Presentment of “on arrival” drafts
§ 70A-4-503	Responsibility of presenting bank for documents and goods — Report of reasons for dishonor — Referee in case of need
§ 70A-4-504	Privilege of presenting bank to deal with goods — Security interest for expenses

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Utah Code > Title 70A > Chapter 4 > Part 5 - Collection of Documentary Drafts

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 Utah Code 70A-4-104
Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities as provided in Section 70A-8-101, instructions for uncertificated securities as provided in Section 70A-8-101, other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Utah Code 70A-4-104
Draft: means a draft as defined in Section 70A-3-104 or an item, other than an instrument, that is an order. See Utah Code 70A-4-104
Drawee: means a person ordered in a draft to make payment. See Utah Code 70A-4-104
Lien: A claim against real or personal property in satisfaction of a debt.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}