(810 ILCS 5/4-501)
(from Ch. 26, par. 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.
(Source: P.A. 87-1135.)