If the party that dishonors an instrument is a collecting bank,when must notice of the dishonor be given to a secondarily liable party by the collecting bank?

Question

Quizplus · Accepted Answer

A)The UCC provides a specific timeline in which notice of dishonor of an
instrument must be given to a secondarily liable party 3-503).If the party that dishonors an instrument is a collection bank,it must give notice before midnight of the next day [UCC 3-503c)].
B)The UCC provides a specific timeline in which notice of dishonor of an instrument must be given to a secondarily liable party 3-503).If the party that dishonors an instrument is a collection bank,it must give notice before midnight of the next day [UCC 3-503c)].

If the Party That Dishonors an Instrument Is a Collecting