Section 3--508. Notice of Dishonor.

(1) Notice of dishonor may be given to any person who may be liable on
the instrument by or on behalf of the holder or any party who has
himself received notice, or any other party who can be compelled to pay
the instrument. In addition an agent or bank in whose hands the
instrument is dishonored may give notice to his principal or customer or
to another agent or bank from which the instrument was received.

(2) Any necessary notice must be given by a bank before its midnight
deadline and by any other person before midnight of the third business
day after dishonor or receipt of notice of dishonor.

(3) Notice may be given in any reasonable manner. It may be oral or
written and in any terms which identify the instrument and state that it
has been dishonored. A misdescription which does not mislead the party
notified does not vitiate the notice. Sending the instrument bearing a
stamp, ticket or writing stating that acceptance or payment has been
refused or sending a notice of debit with respect to the instrument is
sufficient.

(4) Written notice is given when sent although it is not received.

(5) Notice to one partner is notice to each although the firm has been
dissolved.

(6) When any party is in insolvency proceedings instituted after the
issue of the instrument notice may be given either to the party or to
the representative of his estate.

(7) When any party is dead or incompetent notice may be sent to his
last known address or given to his personal representative.

(8) Notice operates for the benefit of all parties who have rights on
the instrument against the party notified.