Michigan Compiled Laws 174-1962-4-5 Part 5 Collection Of Documentary Drafts (440.4501...440.4504)

• Section 440.4501 Documentary Draft; Presentment, Notice Of Dishonor.
  A bank which takes a documentary draft for collection must present or send the draft and accompanying documents for presentment and upon learning that...
• Section 440.4502 Documentary Draft; Presentment On Arrival Of Goods, Refusal For Non-arrival; Notice To Transferor.
  When a draft or the relevant instructions require presentment “on arrival”, “when goods arrive” or the like, the collecting bank need not present until...
• Section 440.4503 Documentary Draft; Responsibility Of Presenting Bank For Documents And Goods; Report Of Reasons For Dishonor; Referees; Expenses.
  Unless otherwise instructed and except as provided in article 5 a bank presenting a documentary draft (a) must deliver the documents to the drawee...
• Section 440.4504 Documentary Draft; Presenting Bank's Right To Deal With Goods; Lien For Expenses.
  (1) A presenting bank which, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable...

Last modified: October 10, 2016