§ 8.4-503. Responsibility of presenting bank for documents and goods; reportof reasons for dishonor; referee in case of need.
Unless otherwise instructed and except as provided in Title 8.5A, a bankpresenting a documentary draft:
(1) must deliver the documents to the drawee on acceptance of the draft if itis payable more than three days after presentment; otherwise, only onpayment; and
(2) upon dishonor, either in the case of presentment for acceptance orpresentment for payment, may seek and follow instructions from any referee incase of need designated in the draft or if the presenting bank does notchoose to utilize the referee's services, it must use diligence and goodfaith to ascertain the reason for dishonor, must notify its transferor of thedishonor and of the results of its effort to ascertain the reasons thereforand must request instructions.
However, the presenting bank is under no obligation with respect to goodsrepresented by the documents except to follow any reasonable instructionsseasonably received; it has a right to reimbursement for any expense incurredin following instructions and to prepayment of or indemnity for thoseexpenses.
§ 8.4-503. Responsibility of presenting bank for documents and goods; reportof reasons for dishonor; referee in case of need.
Unless otherwise instructed and except as provided in Title 8.5A, a bankpresenting a documentary draft:
(1) must deliver the documents to the drawee on acceptance of the draft if itis payable more than three days after presentment; otherwise, only onpayment; and
(2) upon dishonor, either in the case of presentment for acceptance orpresentment for payment, may seek and follow instructions from any referee incase of need designated in the draft or if the presenting bank does notchoose to utilize the referee's services, it must use diligence and goodfaith to ascertain the reason for dishonor, must notify its transferor of thedishonor and of the results of its effort to ascertain the reasons thereforand must request instructions.
However, the presenting bank is under no obligation with respect to goodsrepresented by the documents except to follow any reasonable instructionsseasonably received; it has a right to reimbursement for any expense incurredin following instructions and to prepayment of or indemnity for thoseexpenses.
§ 8.4-503. Responsibility of presenting bank for documents and goods; reportof reasons for dishonor; referee in case of need.
Unless otherwise instructed and except as provided in Title 8.5A, a bankpresenting a documentary draft:
(1) must deliver the documents to the drawee on acceptance of the draft if itis payable more than three days after presentment; otherwise, only onpayment; and
(2) upon dishonor, either in the case of presentment for acceptance orpresentment for payment, may seek and follow instructions from any referee incase of need designated in the draft or if the presenting bank does notchoose to utilize the referee's services, it must use diligence and goodfaith to ascertain the reason for dishonor, must notify its transferor of thedishonor and of the results of its effort to ascertain the reasons thereforand must request instructions.
However, the presenting bank is under no obligation with respect to goodsrepresented by the documents except to follow any reasonable instructionsseasonably received; it has a right to reimbursement for any expense incurredin following instructions and to prepayment of or indemnity for thoseexpenses.
