If a bill of exchange is dishonored (buyer refuses to pay or accept), the collection instruction must specifically state whether the bank should arrange for a formal "protest" (a legal declaration of non-payment). If the instruction is silent, the bank is not obligated to protest.
, which supplements the standard rules to allow for electronic presentations of data rather than just physical paper. urc manual 2018
This section explains administrative hearings, settlement authority, and the arbitration process for multistate disputes. The 2018 edition introduces a streamlined mediation track for small-business disputes (under $50,000). If a bill of exchange is dishonored (buyer