U.C.C. - ARTICLE 4 -§4-502.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-502. PRESENTMENT OF "ON ARRIVAL" DRAFTS.

If a draft or the relevant instructions require presentment "on arrival", "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.

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© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS ..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-502. PRESENTMENT OF "ON ARRIVAL" DRAFTS.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS