- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 4. Bank Deposits and Collections
- Section 501. Handling of Documentary Drafts; Duty to Send For Presentment and to Notify Customer of Dishonor.
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. Payor Bank's Right to Subrogation On Improper Payment.
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. Presentment of "On Arrival" Drafts.
AS 45.04.501. Handling of Documentary Drafts; Duty to Send For Presentment and to Notify Customer of Dishonor.
A bank that takes a documentary draft for collection must 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 this fact even though it may have discounted or bought the draft or extended credit available for
withdrawal as of right.
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