Vermont § 212 - § 4—212.

§ 212. § 4—212.

• Presentment by notice of item not payable by, through, or at a bank; liability of
  drawer or indorser (a) Unless otherwise instructed, a collecting bank may present an item not payable by,
  through, or at a bank by sending to the party to accept or pay a written notice that
  the bank holds the item for acceptance or payment. The notice must be sent in time
  to be received on or before the day when presentment is due and the bank must meet
  any requirement of the party to accept or pay under section 3—501 of this title by the close of the bank’s next banking day after it knows of the requirement. (b) If presentment is made by notice and payment, acceptance, or request for compliance
  with a requirement under section 3—501 of this title is not received by the close of business on the day after maturity or, in the case
  of demand items, by the close of business on the third banking day after notice was
  sent, the presenting bank may treat the item as dishonored and charge any drawer or
  indorser by sending it notice of the facts. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)