If a payor bank has paid an item over the stop payment order of the drawer or maker, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank shall be subrogated to the rights of: 1. Any holder in due course on the item against the drawer or maker. 2. The payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose. 3. The drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.
41-04-39. (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 must 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 must seasonably notify its customer of that fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.