Ohio Revised Code (Last Updated: January 27, 2016) |
Title 13. XIII COMMERCIAL TRANSACTIONS - OHIO UNIFORM COMMERCIAL CODE |
Chapter 1304. BANK DEPOSITS AND COLLECTIONS |
Section 1304.37. Handling of documentary drafts - duty to send for presentment and to notify customer of dishonor - UCC 4-501
Latest version.
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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.
Effective Date: 08-19-1994