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.
|