Documentary Drafts Collection – California Globe

Documentary Drafts Collection – California Globe

California’s Commercial Code, in Division 4, Chapter 5, deals with the collection of documentary drafts concerning bank deposits and collections. Section 4501 requires a bank that takes a documentary draft for collection to 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 the fact even though it may have disco…