§ 6A-4-502 - Presentment of "on arrival" drafts. - Rhode-island Statutes

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SECTION 6A-4-502

§ 6A-4-502 Presentment of "on arrival"drafts. – If a draft or the relevant instructions require presentment "on arrival", "whengoods arrive" or the like, the collecting bank need not present until in itsjudgment a reasonable time for arrival of the goods has expired. Refusal to payor accept because the goods have not arrived is not dishonor; the bank mustnotify its transferor of the refusal but need not present the draft again untilit is instructed to do so or learns of the arrival of the goods.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-4 > 6a-4-502

SECTION 6A-4-502

§ 6A-4-502 Presentment of "on arrival"drafts. – If a draft or the relevant instructions require presentment "on arrival", "whengoods arrive" or the like, the collecting bank need not present until in itsjudgment a reasonable time for arrival of the goods has expired. Refusal to payor accept because the goods have not arrived is not dishonor; the bank mustnotify its transferor of the refusal but need not present the draft again untilit is instructed to do so or learns of the arrival of the goods.

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-4 > 6a-4-502

SECTION 6A-4-502

§ 6A-4-502 Presentment of "on arrival"drafts. – If a draft or the relevant instructions require presentment "on arrival", "whengoods arrive" or the like, the collecting bank need not present until in itsjudgment a reasonable time for arrival of the goods has expired. Refusal to payor accept because the goods have not arrived is not dishonor; the bank mustnotify its transferor of the refusal but need not present the draft again untilit is instructed to do so or learns of the arrival of the goods.