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Returning Unauthorized Draft on Commercial Account

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What is the time frame to return a paper draft unauthorized on a commercial account?

To my knowledge, there is no exception in any version of the UCC for unauthorized paper drafts on commercial accounts. So, the bank has until midnight of the banking day following the day of presentment to dishonor the draft.

First published on 9/6/04

First published on 09/06/2004

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