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.