                                 CODE OF VIRGINIA

HANDLING OF DOCUMENTARY DRAFTS; DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY
CUSTOMER OF DISHONOR (§ 8.4-501)

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.

HISTORY: 1964, c. 219; 1992, c. 693.