Sec. 42a-4-502. Presentment of "on arrival" drafts.
Sec. 42a-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.
(1959, P.A. 133, S. 4-502; P.A. 91-304, S. 105.)
History: P.A. 91-304 made minor changes in wording.