Maine § 4-501. - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
Full text of Maine Maine Revised Statutes § 4-501. — Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor, with citation guidance and answers to common questions.
§ 4-501.. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
A bank that takes a documentary draft for collection 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. [PL 1993, c. 293, Pt. B, §45 (AMD).]
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 4-501.
What does Maine Revised Statutes § 4-501. cover?
Section 4-501. ("Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 4-501.?
A common citation format is "Maine Revised Statutes § 4-501." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 4-501. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.