Michigan § 440.4501 - Documentary draft; presentment, notice of dishonor.
Full text of Michigan Michigan Compiled Laws § 440.4501 — Documentary draft; presentment, notice of dishonor., with citation guidance and answers to common questions.
§ 440.4501. Documentary draft; presentment, notice of dishonor.
A bank which 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 such fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.4501
What does Michigan Compiled Laws § 440.4501 cover?
Section 440.4501 ("Documentary draft; presentment, notice of dishonor.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 440.4501?
A common citation format is "Michigan Compiled Laws § 440.4501" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.4501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.