§490:4-502  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. [L 1965, c 208, §4-502; HRS
§490:4-502; am L 1991, c 118, pt of §4]