47-4502. 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.
Section: Previous 47-4402 47-4403 47-4404 47-4405 47-4406 47-4407 47-4501 47-4502 47-4503 47-4504 47-4a101 47-4a102 47-4a103 47-4a104 47-4a105 NextLast modified: October 13, 2016